The pilot directly involves e-HKD, a wholesale CBDC, being deployed for payment settlement in derivatives trading, making CBDC the primary focus.
The initiative uses e-HKD to enhance clearing and settlement infrastructure for derivatives margin payments outside regular hours, supporting settlement operations.
Specialism
The update describes a pilot project for digital payment infrastructure using e-HKD for derivatives margin payments, which relates to payment system modernization but lacks explicit regulatory compliance, enforcement, or supervisory oversight elements typical of payments compliance updates.
The pilot involves margin deposit reporting and settlement processes, but the update focuses on infrastructure innovation rather than mandatory reporting obligations or compliance frameworks.
2026-06-18 10:53:55·pthandapani@vixio.com
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Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) are pleased to announce today (18 June) a joint pilot project to explore a new digital payment solution for
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TITLE: Hong Kong Monetary Authority and HKEX Launch Digital Payment Pilot for Derivatives After-Hours Trading
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On June 18, 2026, Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) announced a joint pilot project to explore a digital payment solution for the After-Hours Trading (AHT) session in the derivatives market. The initiative aims to enhance Hong Kong's capital market infrastructure and address growing market demand for AHT by leveraging e-HKD, a wholesale central bank digital currency (CBDC) operating on a 24/7 basis.
The pilot project will explore the use of e-HKD for advance margin payments in the AHT session, enhancing risk management capabilities outside regular banking hours while maintaining existing operational workflows. Currently, Clearing Participants (CPs) must submit advance margin deposit requests to HKFE Clearing Corporation Limited (HKCC) by 3:00 p.m. for funds to be counted for the subsequent AHT session. The new arrangement will provide greater flexibility and efficiency than this existing process. HKEX is inviting CPs under HKCC to participate in Real-Value Trial Transactions on an optional basis. The pilot reflects strong market performance, with the Hong Kong derivatives market achieving an average daily volume of 1.66 million contracts in 2025, exceeding 1.78 million contracts in the first five months of 2026.
Vanessa Lau, HKEX chief operating officer, said the collaboration aims to "provide a more flexible and timely payment option outside of regular business hours, and address longstanding operational pain points in the industry." Howard Lee, HKMA deputy chief executive, said the pilot "demonstrates a wholesale application of CBDC in a live market environment." The Real-Value Trial Transactions and any subsequent wider adoption remain subject to regulatory approval, market readiness, and other relevant considerations. Further details are available on a circular published by HKEX.
Hong Kong Monetary Authority - HKEX and HKMA Launch Pilot Project to Enable Digital Payment Solution for Derivatives After-Hours Trading Skip to main content Home / News and Media / Press Releases HKEX and HKMA Launch Pilot Project to Enable Digital Payment Solution for Derivatives After-Hours Trading Press Releases 18 Jun 2026 HKEX and HKMA Launch Pilot Project to Enable Digital Payment Solution for Derivatives After-Hours Trading Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) are pleased to announce today (18 June) a joint pilot project to explore a new digital payment solution for the After-Hours Trading (AHT) session in the derivatives market 1 . This initiative aims to enhance Hong Kong’s capital market and meet the growing market demand for AHT. In this connection, HKEX and the HKMA are exploring the use of e-HKD – a wholesale central bank digital currency (CBDC) operating on a 24/7 basis – for advance margin payments in the AHT session, enhancing the risk management capabilities of the derivatives market outside regular banking hours, whilst maintaining existing operational workflows. This pilot project will provide more flexibility and efficiency than the existing arrangement for advance margin payments. Currently, Clearing Participants (CPs) must submit advance margin deposit requests to HKFE Clearing Corporation Limited (HKCC) by 3:00 p.m. for funds to be counted for the subsequent AHT session. HKEX is inviting CPs under HKCC to participate in Real-Value Trial Transactions of this pilot initiative on an optional basis 2 . The Real-Value Trial Transactions, as well as any subsequent wider adoption, are subject to regulatory approval, market readiness and other relevant considerations. HKEX Chief Operating Officer, Vanessa Lau, said, “We are delighted to collaborate with the HKMA on this latest initiative to advance market accessibility and strengthen Hong Kong’s capital markets infrastructure. By exploring the use of CBDC, we aim to provide a more flexible and timely payment option outside of regular business hours, and address longstanding operational pain points in the industry. This project reflects the shared commitment of HKEX and the HKMA to embracing innovation, strengthening the resilience of our markets and reinforcing Hong Kong’s position as a leading international financial centre.” HKMA Deputy Chief Executive, Howard Lee, said, “As Hong Kong’s financial infrastructure evolves to meet the growing demands of the market, the HKMA is committed to advancing innovation that enhances efficiency and resilience. The joint pilot with HKEX to enable advance margin payments for AHT using e-HKD demonstrates a wholesale application of CBDC in a live market environment, while underscoring our strong partnership with the industry stakeholders in driving financial innovation.” 1 Hong Kong derivatives market has been growing from strength to strength with an average daily volume (ADV) record of 1.66 million contracts achieved in 2025. This momentum carried into 2026, with ADV exceeding 1.78 million contracts in the first five months. 2 More details are available on a circular published today on the HKEX website. Latest Press Releases 18 Jun 2026 HKEX and HKMA Launch Pilot Project to Enable Digital Payment Solution for Derivatives After-Hours Trading 18 Jun 2026 HKMA’s Response to US Fed’s Interest Rate Decision 17 Jun 2026 Northern Metropolis Financial Advisory Taskforce holds inaugural meeting 17 Jun 2026 Tender of 10-year HKD HKSAR Institutional Government Bonds through re-opening to be held on Wednesday, 24 June 2026 17 Jun 2026 Tender of 5-year HKD HKSAR Institutional Government Bonds to be held on Wednesday, 24 June 2026 View All View All Last revision date : 18 June 2026 Share