Amendments on SFC payments through automatic trading services gazetted

The Order and Rules for the payment of Securities and Futures Commission levies on the sale and purchase of futures contracts traded by means of automatic trading services have been gazetted.

"HKMEx has been authorised by the SFC as an ATS provider. It is the first authorised ATS provider to offer an exchange-like platform for the trading of futures contracts and be solely or primarily regulated by the SFC. Its position is similar to that of Hong Kong Futures Exchange Limited," said a government spokesperson.

"We therefore propose that SFC levies be imposed on futures contracts transactions traded on HKMEx to provide a level playing field between HKMEx and HKFE," he added.

The Order and Rules were made by the Chief Executive in Council pursuant to section 394 of the Securities and Futures Ordinance. They will be tabled at the Legislative Council on July 13, 2011. Subject to the Legislative Council's negative vetting, the Order and Rules will be effective from November 18 this year.