Hong Kong Securities and Futures Commission confirms extension of investor identification regime to exchange traded derivatives by second quarter of 2028

The Hong Kong Securities and Futures Commission has published consultation conclusions confirming it will extend Hong Kong’s investor identification regime to the exchange traded derivatives market, with implementation targeted for the second quarter of 2028. The HKIDR-DM will cover on-exchange orders for futures contracts, options contracts and stock options executed through the trading system of the Hong Kong Futures Exchange and will apply an operating model similar to the securities market regime introduced in March 2023. Under the regime, licensed corporations and registered institutions that offer brokerage services or conduct proprietary trading will be required to submit clients’ names and identity information to a centralized data repository. The commission said consultation respondents generally supported the proposals, citing alignment with international practice, stronger market surveillance and reinforced investor protection. It received nine submissions during the three-month consultation period that ended on 22 December 2025. Implementation is planned to coincide with Hong Kong Exchanges and Clearing Limited’s launch of the Orion Derivatives Platform, subject to completion of system testing and market rehearsals. The commission has also launched a dedicated HKIDR-DM webpage and said it will issue further guidance and frequently asked questions in the coming months.