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Hong Kong Exchanges and Clearing Limited (HKEx; , also 香港交易所 or 港交所 ) operates a stock market and futures market in Hong Kong through its wholly owned subsidiaries The Stock Exchange of Hong Kong Limited (SEHK) and Hong Kong Futures Exchange Limited (HKFE). The Group also operates four clearing houses in Hong Kong: Hong Kong Securities Clearing Company Limited (HKSCC), HKFE Clearing Corporation Limited (HKCC), the SEHK Options Clearing House Limited (SEOCH) and OTC Clearing Hong Kong Limited (OTC Clear). HKSCC, HKCC and SEOCH provide integrated clearing, settlement, depository and nominee activities to their participants, while OTC Clear provides OTC interest rate derivatives and non-deliverable forwards clearing and settlement services to its members. HKEx provides market data through its data dissemination entity, HKEx Information Services Limited. HKEx also owns the London Metal Exchange, which has a dominant global position in base metals trading. With a total market capitalisation of over US$3.9 trillion as of 10 April 2015, one of the largest exchanges in the world by market capitalisation of listed companies (see List of stock exchanges for complete rankings). As of the end of March 2015, there were 1,775 companies listed on HKEx's securities market. ==History== Securities Market Reports of securities trading in Hong Kong date back to the mid-19th century.〔HKedu. "(HKU )." ''Hong Kong U.'' Retrieved on 15 February 2007.〕 However, the first formal market, the Association of Stockbrokers in Hong Kong, was not established until 1891. The Association was renamed the Hong Kong Stock Exchange in 1914. A second exchange, the Hong Kong Stockbrokers' Association was incorporated in 1921. The two exchanges merged to form the Hong Kong Stock Exchange in 1947 and re-establish the stock market after the Second World War. Rapid growth of the Hong Kong economy led to the establishment of three other exchanges - the Far East Exchange in 1969; the Kam Ngan Stock Exchange in 1971; and the Kowloon Stock Exchange in 1972. Pressure to strengthen market regulation and to unify the four exchanges led to the incorporation of SEHK, the Stock Exchange of Hong Kong Limited in 1980. The four exchanges ceased business on 27 March 1986 and the new exchange commenced trading through a computer-assisted system on 2 April 1986. Prior to the completion of the merger with HKFE in March 2000, the unified stock exchange had 570 participant organisations. Hong Kong Securities Clearing Company Limited was incorporated in 1989. It created CCASS, the central clearing and settlement system, which started operating in 1992 and became the central counterparty for all CCASS participants. The clearing operation is based on the immobilisation of share certificates in a central depository. Share settlement is on a continuous net settlement basis by electronic book entry to participants' stock accounts in CCASS. Transactions between CCASS participants are settled on T+2, the second trading day following the transaction. The company also offers nominee service. Derivatives Market Established in 1976, the Hong Kong Commodity Exchange (the predecessor of Hong Kong Futures Exchange Limited) is a derivatives leader in the Asia-Pacific region. The main products traded on the commodity exchange were cotton futures, sugar futures, soybean futures and gold futures. The Hong Kong Commodity Exchange was renamed the Hong Kong Futures Exchange (HKFE) on 7 May 1985. HKFE launched on 6 May 1986 its flagship product, the HSI Futures, which is still its most popular futures product in HKEx’s derivatives markets today. HKFE provides efficient and diversified markets for trading futures and options contracts by its more than 160 participant organisations, including many that are affiliated to international financial institutions. The derivatives market under HKEx trades a broad range of products, including equity index, stock and interest rate. HKEx and its subsidiary companies, HKFE Clearing Corporation Limited and SEHK Options Clearing House Limited, operate rigorous risk management system which enables participants and their clients to meet their investment and hedging needs in a liquid and well-regulated market place. OTC Clearing Hong Kong Limited (OTC Clear) was incorporated as a subsidiary of HKEx in May 2012 for the purpose of acting as the clearing house for OTC derivatives in Hong Kong. Subsequently, HKEx, under the founding member programme, invited 12 financial institutions as founding members of OTC Clear, who in total hold 25 per cent of issued share capital in OTC Clear (in the form of non-voting ordinary shares) whilst HKEx holds the remaining 75 per cent. HKEx continues to hold 100 per cent of the voting ordinary shares of OTC Clear. OTC Clear started offering OTC derivatives clearing services in November 2013. OTC Clear created OCASS, the OTC Clearing and Settlement System, for OTC Derivatives clearing and became the central counterparty for all clearing members. OTC Clear is currently providing clearing and settlement services interest rate swaps and non-deliverable forward products. Base Metals Market In June 2012, HKEx announced its cash offer to acquire the London Metal Exchange (LME), the world's premier metal exchange since its founding in 1877, for GBP1.388 billion.〔(【引用サイトリンク】title=DealBook: Hong Kong Exchange to Buy London Metal Exchange for $2.1 Billion )〕 The acquisition was completed in December 2012. The Hong Kong Government is the single largest shareholder in HKEx, and has the right to appoint six of the thirteen directors to the Board. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Hong Kong Exchanges and Clearing」の詳細全文を読む スポンサード リンク
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