The Securities and Futures Commission (SFC) welcomes the Consultation Conclusions Paper issued by Hong Kong Exchanges and Clearing Limited (HKEX) on 16 October 2026 concerning the proposed transition of Hong Kong’s stock market from a T+2 to a T+1 settlement cycle.
The consultation conclusions recognise that the successful implementation of T+1 will require coordinated and comprehensive preparations across the market ecosystem. Having regard to market feedback, the implementation timeline has been revised to the second half of 2028, with September 2028 identified as the target date.
The SFC’s Executive Director of Supervision of Markets, Mr Rico Leung, said: “The transition to T+1 represents an important step in maintaining Hong Kong’s competitiveness as an international financial centre and ensuring alignment with developments in global markets. We welcome HKEX’s consultation conclusions and its readiness-based approach to implementation. Industry participants are urged to begin their preparations early, assess the implications for their systems, processes and operating arrangements, and work closely with their counterparties and service providers to ensure a smooth and orderly transition.”
The transition to T+1 will necessitate consequential amendments to the relevant rules and procedures. The SFC will continue to work closely with HKEX on the requisite amendments and implementation arrangements to facilitate an orderly transition.
Notes:
- HKEX issued its Consultation Conclusions on Accelerated Settlement for the Hong Kong Cash Market on 16 October 2026.
- Under a T+1 settlement cycle, securities transactions are settled one business day after the trade date, as compared with two business days under the prevailing T+2 settlement cycle.
