Stock Market Shutdowns During Typhoons to End in Sept
When a black rainfall warning is issued and a typhoon signal of eight or higher is in effect, investors will still be permitted to trade on the city’s financial market starting on September 23.
Prior to his weekly Executive Council meeting, Chief Executive John Lee made the announcement, stating that Hong Kong has no right to shut down the financial market amid extreme weather while other significant financial centers are able to carry on with business as usual.
“Trading continues on other global stock exchanges, such Shenzhen and Shanghai, even during extreme weather. There is only one exception: Hong Kong. As a global financial hub, Hong Kong has no excuse for not adhering to international norms, according to Lee.
According to the CE, the action will strengthen HKEx’s competitiveness and enhance Hong Kong’s status as a major commercial hub for the mainland.
According to Lee, over 90% of banks and brokerages are in favor of keeping the financial market open during extreme weather, citing a HKEx public consultation process.
According to him, the trade will have enough time to prepare for the implementation date in late September, and tiny brokerages will receive assistance from the appropriate authorities to manage the shift.
