Following the successful completion of Post Release Test held on 17 June 2023, HKEX is pleased to announce that the HKD-RMB Dual Counter Model has been launched on 19 June 2023.

To further support the RMB development in the Hong Kong securities market, HKEX introduced the HKD-RMB Dual Counter Model (“Model”) to the secondary market for trading and settlement purposes.

The Model covers securities listed in both HKD and RMB counters only.  All shares or units of the same securities but in different trading counters are generally of the same class, with the same holders’ rights and entitlements, and fully interchangeable between counters.  Such securities would be designated as the HKD-RMB Dual Counter Securities and be published by HKEX from time to time after the rollout of the Model.

This page provides a centralized point of information for market participants’ reference on the implementation details of the Model.

 

Introduction

• HKEX Insight - HKD-RMB Dual Counter Model, Explained
• HKEX Insight - HKD-RMB Dual Counter Model and Hong Kong’s Growing RMB Ecosystem

 

FAQ and Briefing Materials

• HKD-RMB Dual Counter Model FAQ (Updated as of 9 June 2023)
• Webinar Briefing (PDF / Video)

 

List of Dual Counter Securities and Mapping File of Dual Counter Securities and Dual Counter Market Makers

• List of Dual Counter Securities
• Mapping File of Dual Counter Securities and Dual Counter Market Makers 

 

Reference Materials of the Dual Counter Market Making Programme

• Market Making Arrangement of Dual Counter Securities - Service Factsheet
• Application for Acquisition / Surrender of Dual Counter Market Maker Permit(s)
• Explanatory Notes for Application for Acquisition / Surrender of Dual-Counter Market Maker (“DCMM”) Permit(s)
• Dual Counter Market Maker (DCMM) File Interface Specification
• Sample Electronic Form SD-1

Circulars and Client Notice

• SEHK Circulars
  • Launch of the HKD-RMB Dual Counter Model Eligible for Market Making in Hong Kong Securities Market – Updated List of Dual Counter Securities and Related Documents
  • Further Information about the Launch of the HKD-RMB Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
    • Attachment 1: Registration Form for Dual Counter Model Post Release Test
  • Upcoming Launch of the HKD-RMB Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
  • Amendments to the Rules of the Exchange and the Operation Procedures for Stamp Duty Collection of The Stock Exchange of Hong Kong Limited (“SEHK”)
  • Dual Counter Model in Hong Kong Securities Market - End-To-End Testing, Practice Session and File Layout of List of Dual Counter Securities
    • Attachment 1: Registration Form for Dual Counter Model Practice Session
    • Attachment 2: Sample File of List of Dual Counter Securities
    • Attachment 3: Sample File of Full List of Securities 
  • End-to-End (E2E) Test for the Dual Counter Model in Hong Kong Securities Market
  • Frequently Asked Questions (FAQ) of the Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
  • Introduction of the Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
    • Attachment: Webinar Registration Form
      
      
• HKSCC Circulars
  • Launch of the HKD-RMB Dual Counter Model Eligible for Market Making in Hong Kong Securities Market – Supplemental Information
  • Further Information about the Launch of the HKD-RMB Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
  • Upcoming Launch of the HKD-RMB Dual Counter Model Eligible For Market Making In Hong Kong Securities Market
  • Amendments to the General Rules of CCASS (the “Rules”) and the CCASS Operational Procedures (the “Procedures”) of Hong Kong Securities Clearing Company Limited (“HKSCC”)
  • The Dual Counter Model Eligible for Market Making In Hong Kong Securities Market - Practice Sessions
    • Supplementary document: Information Package for Practice Session on Dual Counter Model (CCASS) 
  • Further Information on the Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
  • Frequently Asked Questions (FAQ) of the Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
  • Introduction of the Dual Counter Model Eligible for Market Making in Hong Kong Securities Market

 

• Client Notice
  • Further Updates on Arrangement of HKEX Orion Market Data Platform - Securities Market (OMD-C) and Mainland Market Data Hub (MMDH) for the Launch of the HKDRMB Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
  • Updates on Arrangement of HKEX Orion Market Data Platform - Securities Market (OMD-C) and Mainland Market Data Hub (MMDH) for the Launch of the HKD-RMB Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
  • Arrangement of HKEX Orion Market Data Platform - Securities Market (OMD-C) and Mainland Market Data Hub (MMDH) for upcoming launch of the HKD-RMB Dual Counter Model Eligible for Market Making in Hong Kong Securities Market
  • Arrangement of HKEX Orion Market Data Platform - Securities Market (OMD-C) and Mainland Market Data Hub (MMDH) for Practice Session and End-to-End (E2E) Test for the Dual Counter Model in Hong Kong Securities Market
  • Arrangement of HKEX Orion Market Data Platform – Securities Market (OMD-C) in End-to-End (E2E) Test for the Dual Counter Model in Hong Kong Securities Market
  • Arrangement in HKEX Orion Market Data Platform – Securities Market (OMD-C) and Mainland Market Data Hub (MMDH) for Introduction of The Dual Counter Model Eligible for Market Making In Hong Kong Securities Market

 

Press Release

• HKEX Launches HKD-RMB Dual Counter Model and Dual Counter Market Making Programme
• HKEX to Launch HKD-RMB Dual Counter Model on 19 June 2023
• HKEX to Introduce HKD-RMB Dual Counter Model and Dual Counter Market Making Programme in Hong Kong Securities Market