Page 63 - 期货和衍生品行业监管动态（2024年6月刊）

期货和衍生品行业监管动态

Commission to support the city’s market developments, the SFC is making efforts

with all parties to launch these measures, in order to deepen Mainland-Hong Kong

mutual market access. It is also striving to connect with new markets to diversify the

sources of the city’s capital and listings. Senior management’s first official visit to the

Middle East earlier in June has paved the way for further regional market

collaboration.

The flagship Stock Connect scheme, which celebrates its 10th anniversary, has

recorded a 20-fold advance in average daily trading since 2014. ETF Connect has also

spurred overall ETF market turnover since its mid-2022 launch, boosting ETFs’ share

to 14% of Main Board turnover in the first quarter of 2024 from 5% in 2021. Through

its debut year, Swap Connect, which strengthens the city’s role as an offshore risk

management hub, has seen its overseas participants more than double and average

daily turnover quadruple.

To lead financial market transformation via technology and scale up the Web3

ecosystem in Hong Kong, the SFC has authorised the city’s first tokenised retail gold

product, as well as Asia’s first batch of virtual asset (VA) spot ETFs for retail access.

These ETFs have a total market capitalisation of more than US$300 million with

orderly trading and decent daily turnover since their launch. The SFC has made sure
investors are protected through wide-ranging safeguards to foster a resilient VA

ecosystem.

Tremendous enforcement efforts have also been made to uphold market integrity.

Following the SFC’s investigation, individuals involved in a highly sophisticated

market manipulation case were convicted in a landmark High Court jury trial in May.

The criminal prosecution marks the first time that an offence under the Securities and

Futures Ordinance has been tried at the Court of First Instance. Separately, a case

against two suspected core members of a large-scale ramp and dump syndicate was

transferred to the District Court following the SFC’s investigation. This marks the

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