Following the smooth completion of system upgrade for the enhanced SMP service on 20 July 2024 (Saturday), Hong Kong Exchanges and Clearing Limited is pleased to announce that HKATS has been successfully upgraded in preparation for the launch of ID-based SMP service.
The ID-based SMP service in the derivatives market is open for applications from 22 July 2024 (Monday). This page provides a centralized point of information for market participants (i.e. EPs and/or their clients) about the implementation details of SMP.
Overview
Self-Match Prevention (“SMP”) is a free and optional service for market participants (i.e. exchange participants and/or their clients) to avoid inadvertent self-trades at exchange level. SMP was available in derivatives market since 2019 (“HKATS Username- based SMP”). Market participants (i.e. exchange participants and/or their clients) who enable HKATS Username-based SMP for specific HKATS Username(s), orders from such HKATS Username(s) will not be matched with other orders within the same HKATS Customer Code by cancelling the aggressive orders.
Hong Kong Exchanges and Clearing Limited (“HKEX”) plans to enhance the SMP service and will provide a new SMP model (“ID-based SMP”) in the derivatives market. Key features of the new model include, i) introduction of SMP ID as identifier for triggering SMP; ii) cancel aggressive and cancel passive as the order cancellation methods; iii) multi-broker model
Reference Materials
FAQ
Circular
ID-based SMP Application Forms and Explanatory Notes
Technical Documents
The updated information on enhanced SMP function can be found here in the OAPI Technical Documents:
- Highlight of Changes of OAPI Client Application Development in Genium Dec 2023 v1.18
- NDAQ OMN Interface MessRef HKEX va4 SMP2024Q2
SMP File Interface Specification: