New listing rules on share buy-back limits and initial public offering sponsors take effect today at the Singapore and Hong Kong Exchanges respectively.
The Singapore Exchange (SGX) has codified in its SGX-Securities Trading Listing Rules the existing share buy-back limit of 10% for listed companies on both the mainboard and Catalist platforms.
The rule limits the discretionary ability of the listed companies to vary the supply of its shares.
Meanwhile, the Stock Exchange of Hong Kong, part of Hong Kong Exchanges and Clearing Ltd (HKEx), has held three seminars on listing rule changes, which complements the Securities and Futures Commission’s new regulation on sponsors. The new requirements will apply to listing applications submitted on or after today.
The exchange has streamlined the listing vetting process, changed the number of required documents and issued guidance on certain procedures. The changes are aimed at having a more efficient listing process.
HKEx has set transitional arrangements, including a six-month suspension of the requirement to publish applicant names, sponsor names and return dates on the HKEx website. All other requirements, including an eight-week moratorium on listing applications returned on the grounds of not being substantially complete, take effect today.
Data platform
HKEx has also rolled out the first phase of its Orion Market Data platform (OMD), with the introduction of the new system in its security market today.
OMD provides low-latency market data and allows HKEx to spread a range of data feed products with different content and features to information vendors, exchange participants and investors.
During a two-week stabilisation period, OMD users will retain their previous market data source as a backup.
HKEx plans to extend direct distribution of market data to mainland China through its Mainland Market Data Hub early next year, and then use OMD for HKEx derivatives market data.
Together with the OMD rollout, HKEx launched historical securities and derivatives data products for subscription. This includes the Historical Full Book, which allows subscribers to download complete order book information for every order and trade of HKEx’s mainboard and Growth Enterprise Market shares from today onwards.