The new adjustments to the trading calendar for Northbound and Southbound Stock Connect will become effective on April 24, 2023. The changes aim to resolve discrepancies between Stock Connect holidays and mainland Chinese or Hong Kong market holidays while increasing the total number of days available for Stock Connect trading.
1.Settlement Calendar for NB Trading (2023)
The additional Northbound trading days (H-1 days) become available to Connect Clearing Participants (“CCCPs”) and Designated Banks (“DBs”) as part of the Enhancement. The Settlement Calendar for Northbound Trading (2023) has been updated in line with these changes, and the first new Northbound trading day is scheduled for May 25 2023. CCCPs and DBs must always refer to the updated Settlement Calendar when undertaking Northbound trading activity.
2. Money Settlement for NB Trades
T day is not an H-1 day when the Net payable is settled by 12:00 p.m. on T+1 or the Net receivable settled at around 12:30 p.m. on T+1; T day is an H-1 day when the Net payable is settled by 6:00 p.m. on T day or Net receivable is settled at around 12:30 p.m. on T+1
CCCPs and Designated Banks are reminded to remain aware of the payment deadline on H-1 days and make all necessary adjustments for their operations and funding arrangements. If a CCCPs fails to settle its Net payable CNS money positions by the specified date, then it will constitute an event of default that is subject to penalty actions by HKSCC.