Hong Kong Exchanges and Clearing Limited (HKEx) plans to upgrade the software for its derivative trading and clearing and settlement systems on 3 March 2008. The software will be upgraded to Release 19.1.
The Hong Kong Futures Automated Trading System (HKATS) and the Derivatives Clearing and Settlement System (DCASS) currently use the Release 17.1 software product supplied by Nordic exchange and technology provider OMX, and have done so since October 2003 and April 2004 respectively.
HKEx says it will be able to use the new functional and technical capabilities of the upgrade to develop its derivative market further. The exchange adds that the update will also grant the derivatives system access to the product support that comes with Release 19.1, which it says will safeguard the reliability and stability of HKEx’s derivatives trading and clearing platform.
The rollout date was set after a series of market briefings and two rounds of rehearsals.
Exchange participants, clearing participants and information vendors of the derivatives market have confirmed their readiness to support the Release 19.1 software.
A two-week stabilisation period will begin on 3 March when the HKATS and DCASS software is upgraded. During this period, the exchange will be able to revert to the Release 17.1 software in case of any problems.