Forex glossary of terms
Hong Kong Exchange
Wanting to emulate the success of the Shanghai market, the Association of Stockbrokers in Hong Kong organized the British colonys first exchange in 1891. It was renamed the Hong Kong Stock Exchange in 1914.
A rival exchange, the Hong Kong Stockbrokers Association made its debut in 1921. The two merged into the Hong Kong Stock Exchange in 1947. Rapid growth of the Hong Kong economy led to the creation of new competitors: the Far East Exchange in 1969; the Kam Ngan Stock Exchange in 1971; and the Kowloon Stock Exchange in 1972. In 1976, another market emerged: the Hong Kong Futures Exchange, specialized in futures and options contracts.
The four equity markets eventually merged into the Stock Exchange of Hong Kong in April 1986.
On July 1, 1997, Hong Kong reverted to Chinese sovereignty, ending 156 years of British colonial rule. As Hong Kong Special Administrative Region of China, the city retained the ability to develop its economy and markets. In March 2000, under the impetus of market reforms, the Stock Exchange of Hong Kong and the Hong Kong Futures Exchange demutualized and merged with Hong Kong Securities Clearing Co. into a single holding company, Hong Kong Exchanges and Clearing Ltd or HKEx, which went public three months later. Other HKEx subsidiaries are HKFE Clearing Corp. and SEHK Options Clearing House.
Hong Kong ranks among the top-10 exchanges in the world, based on total market capitalization.
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