The launch of the Hong Kong-Shanghai Stock Connect scheme could be delayed until late November.
Some of the world's biggest banks and asset managers have asked the Hong Kong securities regulator for more time to prepare due to uncertainty over the rules of the scheme, according to a letter seen by Reuters. It could delay the launch from late October to late November, adds the news source.
Shanghai-Hong Kong Stock Connect is a pilot programme that links the stock markets in Shanghai and Hong Kong. Under the programme, investors in Hong Kong and Mainland China can trade and settle shares listed on the other market via the exchange and clearing house in their home market.
Chinese Premier Li Keqiang announced on Sunday (October 19th) that the government doesn't have a timetable for the opening of the Shanghai-Hong Kong Stock Connect, Bloomberg reports.
"Whether it's announced today, tomorrow, the day after, two days after, or any other day, it is not important which day it is going to be announced, people shouldn't read too much into the timing of it. The main issue is that we are prepared for the starting gun," he said.
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