The Hong Kong Securities and Futures Commission (SFC) has published its July–September 2025 Quarterly Report, highlighting continued deepening of Hong Kong’s connectivity with Mainland and overseas markets, expansion in virtual asset and tokenised product offerings, and ongoing work with the Hong Kong SAR Government on new regulatory regimes for virtual asset dealing and custodian service providers. The report notes that the SFC signed six memoranda of understanding in 2025, including three during the quarter, to reinforce asset management ties. Following product expansion in September, Swap Connect trading volume was up 56% year on year as of November, with aggregate transactions exceeding RMB 9.3 trillion since the scheme’s 2023 launch. As of end-November, SFC-authorised virtual asset spot exchange-traded funds totalled 11 with market capitalisation up 33% year on year to HKD 5.47 billion, while authorised tokenised retail money market funds reached eight products with HKD 5.48 billion in assets under management, up 557% since the first such fund launched earlier in 2025. Other quarter highlights included 24 IPOs raising over HKD 70 billion, net inflows of HKD 46.9 billion into Hong Kong-domiciled funds, and SFC-authorised ETFs reaching HKD 653.5 billion in market capitalisation and accounting for 13% of daily market turnover. A detailed workplan is being developed to implement the SFC and Hong Kong Monetary Authority roadmap issued in September on developing fixed income and currency markets, and the SFC expects to issue conclusions on the two proposed virtual asset regimes in the near future.
Hong Kong Securities & Futures Commission 2025-12-17
Hong Kong Securities and Futures Commission publishes quarterly report citing 56% Swap Connect volume growth and near-term virtual asset regime conclusions
The Hong Kong Securities and Futures Commission's July–September 2025 Quarterly Report highlights increased connectivity with Mainland and overseas markets, expansion in virtual asset offerings, and collaboration with the Hong Kong SAR Government on new regulatory regimes. The report notes significant growth in Swap Connect trading volume and virtual asset ETFs, alongside 24 IPOs raising over HKD 70 billion. A workplan is underway to implement a roadmap for fixed income and currency markets, with conclusions on proposed virtual asset regimes expected soon.