HKEx Receives Approval To Set Up A Financial Information Services Business Subsidiary In Shanghai
HKEx Information Services Limited (HKEx-IS), a wholly-owned member of the Hong Kong Exchanges and Clearing Limited (HKEx) Group, has obtained approval from Chinese authorities to establish a financial information services business subsidiary in the Mainland.
The State Council's Information Office, the Ministry of Commerce and the Shanghai Administration for Industry and Commerce have granted approvals, including a corporate business license and a financial information services license for HKEx-IS to set up Ganghui Financial Information Services (Shanghai) Limited, a wholly foreign owned enterprise.
Ganghui Financial Information Services (Shanghai) Limited is scheduled to launch a market data hub in Shanghai in the third quarter of 2013.
The data hub in Shanghai is part of the HKEx Orion Technology Initiatives, which aim to further enhance HKEx's trading, clearing, and market data dissemination platforms to ensure Hong Kong retains and strengthens its position as a comprehensive global financial services leader. The data hub, which will serve as a point of presence for HKEx's market data distribution in the Mainland, will facilitate direct access to HKEx's real-time market data by Mainland information vendors. At present, most Mainland information vendors receive HKEx market data via third party connections.
"The market data hub in Shanghai will enable the delivery of broader HKEx market data products to Mainland information vendors, and subsequently investors, through a reliable, scalable and more cost-effective infrastructure," HKEx Chief Executive Charles Li said.
"The data hub will facilitate Mainland connectivity and further position HKEx as the market of choice for Mainland investors to invest in securities and derivative products offshore," he added.
Mr Li will be the Chairman of the Board of Ganghui Financial Information Services (Shanghai) Limited, while other Board Members include HKEx Head of Market Data Bryan Chan, HKEx Head of Trading Calvin Tai, and HKEx Head of Mainland Development Yang Qiumei. Pont Chiu, HKEx Head of Internal Audit, will be the Company Supervisor while Stephen Ye, HKEx Vice President of Mainland Development, will be the Legal Representative and General Manager of the company.