The Hong Kong Monetary Authority and Hong Kong Exchanges and Clearing Limited have launched a joint pilot to test a new digital payment solution for the after-hours trading session in Hong Kong’s derivatives market. The project will explore using e-HKD, described here as a wholesale central bank digital currency that operates on a 24/7 basis, for advance margin payments so clearing participants can fund after-hours positions outside normal banking hours while keeping existing operational workflows. The pilot is designed to improve flexibility and efficiency relative to the current process, under which clearing participants must submit advance margin deposit requests to HKFE Clearing Corporation Limited by 3:00 p.m. for those funds to count toward the subsequent after-hours session. Hong Kong Exchanges and Clearing is inviting HKFE Clearing Corporation clearing participants to join real-value trial transactions on an optional basis. The initiative is framed against rising demand for after-hours trading, with average daily derivatives volume reaching a record 1.66 million contracts in 2025 and exceeding 1.78 million contracts in the first five months of 2026. Any real-value trial transactions, and any broader rollout after that, remain subject to regulatory approval, market readiness and other relevant considerations.

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