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Hong Kong Exchanges and Clearing Limited (HKEX) is today pleased to announce further operational details of FINI, a digital solution to modernise Hong Kong’s IPO settlement process. HKEX will start the initial phase of FINI’s user on-boarding in the first quarter of 2022, and plans to roll out FINI in the fourth quarter of 2022.
Key FINI operational arrangement updates include:
- the on-boarding requirements for each type of market participant who will be required to use FINI;
- aligning the Investor ID requirements between the IPO market and secondary market trading in listed securities, for the convenience of brokers; and
- confirmation that nominee bank accounts will be used to ‘lock’ the Pre-Funding Requirements of CCASS Participants in respect of EIPO subscription money.
More operational details of FINI are available in the updated FINI Information Pack published today.
