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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.