Published On: Mon, Jan 18th, 2010

HKEx’s Technically Revamped Securities Trading System Runs Smoothly on its Debut

Hong Kong Exchanges and Clearing Limited’s (HKEx) technically revamped AMS/3 (Third Generation Automatic Order Matching and Execution System) ran smoothly on its first day of operation Monday January 18

As a result of the technical revamp, which is also known as AMS/3.5, the order processing capacity of AMS/3 has been doubled to 3,000 orders per second and the average end-to-end system response time* halved to 0.15 second. The revamped securities trading system supports 21.6 million orders and 7.5 million trades in a standard four-hour trading day (10 am to 12:30 pm and 2:30 pm to 4:00 pm). AMS/3 processed about 6.5 million orders and 900,000 trades a day over the previous two weeks.

As a prudent measure, a two-week stabilisation period began today with the rollout of the revamped securities trading system. During the stabilisation period, special fallback arrangements are in place in the unlikely event that there is an incident that requires fallback to the previous version of AMS/3.

“We would like to thank Participants, information vendors and our staff for their full support, which was crucial to the successful rollout of the technically revamped AMS/3 today. Today’s rollout would not have been possible without their hard work, help and cooperation during the market rehearsals completed last year and our other preparations,” said HKEx Chief Executive Charles Li.

“The AMS/3 technical revamp demonstrates our commitment to providing efficient market infrastructure that meets the needs of our market participants and further strengthens the competitiveness of our markets,” Mr Li added.

* Response time is the elapsed time measured from the point when an order is sent out by an Open Gateway or trading terminal installed in an Exchange Participant’s premises to the point when an order/trade confirmation reply is received by the same device. The time includes the round trip processing time at the device, data transmission time through the SDNet network – the integrated Optical Ethernet network infrastructure for the systems used for trading, clearing and settlement, and market data dissemination in HKEx’s securities and derivatives markets – and the order execution time at the AMS/3 host system.

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