HKEX, HKMA Launch e-HKD Pilot for 24/7 Derivatives Margin Payments
Updated
Updated · Markets Media · Jun 22
HKEX, HKMA Launch e-HKD Pilot for 24/7 Derivatives Margin Payments
1 articles · Updated · Markets Media · Jun 22
Summary
HKEX and the HKMA started a pilot to use e-HKD for advance margin payments in Hong Kong’s derivatives after-hours trading session, testing a wholesale CBDC in a live market setting.
The 24/7 payment setup is meant to fix a key constraint in the current process, under which clearing participants must lodge advance margin requests by 3:00 p.m. for the following after-hours session.
HKEX is inviting HKCC clearing participants to join optional real-value trial transactions, while any broader rollout will depend on regulatory approval, market readiness and other operational considerations.
The project is aimed at meeting rising demand for after-hours trading, improving risk management outside normal banking hours and reinforcing Hong Kong’s financial-market infrastructure.
Will Hong Kong's 24/7 digital currency for traders prevent market crises, or create new ones during volatile after-hours trading?
As global CBDC projects accelerate, can this e-HKD pilot ensure Hong Kong remains the world's leading hub for digital finance?
24/7 Margin Payments with e-HKD: Hong Kong’s Digital Leap in a 1.78 Million Daily Contracts Derivatives Market
Overview
Hong Kong's derivatives market has seen strong growth, with daily trading volumes rising from 1.66 million contracts in 2025 to over 1.78 million in early 2026. Building on this momentum, the Hong Kong Stock Exchange and the Hong Kong Monetary Authority launched an e-HKD pilot in June 2026. This program explores using a new digital currency for margin payments, especially to improve efficiency during after-hours trading. The main goal is to modernize and streamline margin payment processes by enabling 24/7 operations, using central bank digital currency technology to reduce settlement risks and enhance liquidity management for market participants.