PrepLicense: HK SFC · Study Notes · Paper 7

SFC Paper 7: Financial Markets

Paper 7 provides foundational context on Hong Kong's major financial market structures, principal products and participants.

1. 香港金融市場概覽

Hong Kong's markets include the equity market (Main Board, GEM), debt market, FX market, money market, derivatives and commodities.

2. 交易所架構

HKEX is the principal trading venue, operating the Stock Exchange and the Futures Exchange. OTC derivatives have separate clearing arrangements.

3. 市場參與者

Participants include licensed intermediaries, institutional investors, retail investors, market makers and the central counterparty clearing house.

4. 交易流程

Order placement → matching → confirmation → settlement (T+2 for securities) → position management. The AMS/3 system serves as the principal matching platform.

5. 香港 IPO 市場特色

Hong Kong IPO market: post-2018 reforms permit Weighted Voting Rights structures; non-profitable biotech companies may list on the Main Board under Chapter 18A.

6. 利率及匯率機制

The Linked Exchange Rate System since 1983: USD 1 = HKD 7.80 with strong-/weak-side Convertibility Undertakings at 7.75/7.85. HIBOR is the HKD interbank benchmark.

7. 債券市場

Includes Hong Kong Government Bonds, Exchange Fund Bills/Notes, corporate bonds and Dim Sum bonds, mostly traded OTC.

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Independent study aid. Not affiliated with or endorsed by the SFC or HKSI Institute.

本應用為獨立學習工具，與證券及期貨事務監察委員會（SFC）及香港證券及投資學會（HKSI Institute）無關，亦未獲其認可。