HKEX, HKMA launch digital payment pilot for derivatives trading
Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) have launched a joint pilot project to explore a new digital payment solution for after-hours trading in the derivatives market.
e-HKD for after-hours margins
The pilot project explores using e-HKD, a wholesale central bank digital currency (CBDC) available 24/7, for advance margin payments in the derivatives market's After-Hours Trading (AHT) session.
This initiative aims to enhance Hong Kong's capital market and meet growing demand for AHT by improving risk management capabilities outside regular banking hours.
It offers greater flexibility and efficiency compared to the existing system, where Clearing Participants (CPs) must submit advance margin deposit requests by 3:00 p.m. for subsequent AHT sessions.
HKEX is inviting CPs to participate in optional Real-Value Trial Transactions, subject to regulatory approval and market readiness.
The Hong Kong derivatives market has seen significant growth, with an average daily volume of 1.66 million contracts in 2025, rising to 1.78 million in the first five months of 2026.
Strengthening market infrastructure
HKEX Chief Operating Officer Vanessa Lau highlighted the collaboration with HKMA, stating the project aims to "advance market accessibility and strengthen Hong Kong's capital markets infrastructure.
" She emphasized that exploring CBDC provides a more flexible and timely payment option outside business hours, addressing "longstanding operational pain points.
" HKMA Deputy Chief Executive Howard Lee underscored the commitment to innovation for enhanced efficiency and resilience.
Lee noted the pilot demonstrates a wholesale application of CBDC in a live market, reinforcing strong partnerships with industry stakeholders in driving financial innovation and Hong Kong's position as a leading international financial centre.
Pragmatic step, broader implications
This pilot project offers a pragmatic solution to an operational bottleneck in Hong Kong's derivatives market, enhancing after-hours trading efficiency.
Its true significance lies in demonstrating a live, wholesale CBDC application, which could set a precedent for broader institutional digital currency adoption.
However, its transformative potential is contingent on robust industry participation and timely regulatory approvals.