# HONG KONG EXCHANGES & CLEAR

Summary updated: 2026-10-02T08:57:10.732247Z
Canonical: https://finbar.com/research/companies/hong-kong-exchanges-clear

## Overview

Hong Kong Exchanges and Clearing Limited (HKEX) is a financial-market infrastructure group centered in Hong Kong. It operates securities and derivatives markets and provides related clearing, settlement, depository and custody services. The group also has a presence in the Chinese Mainland and the UK, including through its metals-market businesses. [1](https://app.finbar.com/go?id=T18057216)

HKEX describes its purpose as connecting, promoting and progressing its markets and the communities they support for shared prosperity. [2](https://www.hkexgroup.com/About-HKEX/About-HKEX/Our-Purpose-and-Values?sc_lang=en) For scale, HKEX reported revenue and other income of HK$29,161 million for 2025. [3](https://www.hkexgroup.com/Investor-Relations/Business-Analysis/Key-Financial-Data?sc_lang=en)
[1](https://app.finbar.com/go?id=T18057216)[2](https://www.hkexgroup.com/About-HKEX/About-HKEX/Our-Purpose-and-Values?sc_lang=en)[3](https://www.hkexgroup.com/Investor-Relations/Business-Analysis/Key-Financial-Data?sc_lang=en)[2](https://www.hkexgroup.com/About-HKEX/About-HKEX/Our-Purpose-and-Values?sc_lang=en)[3](https://www.hkexgroup.com/Investor-Relations/Business-Analysis/Key-Financial-Data?sc_lang=en)

## Products & services

HKEX offers cash-market products including listed equities and debt securities, as well as access to Shanghai and Shenzhen markets through Stock Connect. Its related services include listing, securities clearing and settlement, custody and depository services; its clearing infrastructure includes CCASS for securities and DCASS for listed derivatives. [4](https://app.finbar.com/go?id=P161720755) [5](https://www.hkex.com.hk/Services/Clearing/Securities/Overview/Clearing-Services?sc_lang=en) [6](https://www.hkex.com.hk/Services/Clearing/Listed-Derivatives/Overview?sc_lang=en)

Its exchange-traded products include ETFs and leveraged and inverse products. Listed derivatives include futures and options; in 1H 2026, weekly stock options averaged 153,513 contracts a day, up 80% year over year, and accounted for 21% of stock-options volume in the 33 corresponding underlyings. [7](https://www.hkex.com.hk/Products/Securities/Exchange-Traded-Products/Overview?sc_lang=en) [8](https://app.finbar.com/go?id=P161720459) HKEX also provides metals trading and clearing, including base- and ferrous-metal futures and options through the LME, and offers smaller, cash-settled London Metal Mini Futures. [9](https://app.finbar.com/go?id=P161720758) [10](https://www.hkex.com.hk/Global/Exchange/FAQ/Products/Derivatives/Commodities?sc_lang=en)

Data and connectivity offerings include market-data feeds, platform access, network and hosting services, and historical market data. HKEX’s OMD-C securities-market feed supports FullTick market-by-order data. [11](https://app.finbar.com/go?id=P161720759) [12](https://www.hkex.com.hk/Services/Market-Data-Services/Infrastructure/HKEX-Orion-Market-Data-Platform-Securities-Market-OMD-C?sc_lang=en) For 1H 2026, reportable segment revenue was 62.3% Cash, 16.2% Equity and Financial Derivatives, 12.9% Commodities and 8.6% Data and Connectivity; these are segment shares of revenue, rather than individual-product shares. [13](https://app.finbar.com/go?id=T18810181)
[4](https://app.finbar.com/go?id=P161720755)[5](https://www.hkex.com.hk/Services/Clearing/Securities/Overview/Clearing-Services?sc_lang=en)[6](https://www.hkex.com.hk/Services/Clearing/Listed-Derivatives/Overview?sc_lang=en)[7](https://www.hkex.com.hk/Products/Securities/Exchange-Traded-Products/Overview?sc_lang=en)[8](https://app.finbar.com/go?id=P161720459)[9](https://app.finbar.com/go?id=P161720758)[10](https://www.hkex.com.hk/Global/Exchange/FAQ/Products/Derivatives/Commodities?sc_lang=en)[11](https://app.finbar.com/go?id=P161720759)[12](https://www.hkex.com.hk/Services/Market-Data-Services/Infrastructure/HKEX-Orion-Market-Data-Platform-Securities-Market-OMD-C?sc_lang=en)[13](https://app.finbar.com/go?id=T18810181)[13](https://app.finbar.com/go?id=T18810181)[13](https://app.finbar.com/go?id=T18810181)[13](https://app.finbar.com/go?id=T18810181)[5](https://www.hkex.com.hk/Services/Clearing/Securities/Overview/Clearing-Services?sc_lang=en)[6](https://www.hkex.com.hk/Services/Clearing/Listed-Derivatives/Overview?sc_lang=en)[7](https://www.hkex.com.hk/Products/Securities/Exchange-Traded-Products/Overview?sc_lang=en)[10](https://www.hkex.com.hk/Global/Exchange/FAQ/Products/Derivatives/Commodities?sc_lang=en)[12](https://www.hkex.com.hk/Services/Market-Data-Services/Infrastructure/HKEX-Orion-Market-Data-Platform-Securities-Market-OMD-C?sc_lang=en)

## Geographic presence

Hong Kong is HKEX’s principal operating geography and the hub for its exchange and clearing activities. Its operating footprint also includes the London Metal Exchange and LME Clear in the United Kingdom, and Qianhai Mercantile Exchange in Chinese Mainland. [1](https://app.finbar.com/go?id=T18057216) HKEX lists offices in Hong Kong, Beijing, London and Singapore, with additional New York and Riyadh office information on its contact page. [14](https://www.hkexgroup.com/Global/HKEX-Group/Contact?sc_lang=en)

HKEX’s geographic links include its Stock Connect trading channels between Hong Kong and Shanghai and Shenzhen. [15](https://app.finbar.com/go?id=P156459335) Its commodities footprint includes Hong Kong as an LME warehouse delivery point, Jeddah as another LME delivery point, and a Dubai-based commodities-pricing subsidiary. [16](https://app.finbar.com/go?id=P156459533)[17](https://app.finbar.com/go?id=P156458819) The cited 2025 reporting presents revenue by business segment rather than by country or region, so it does not provide geographic revenue shares. [18](https://app.finbar.com/go?id=T18057180)
[1](https://app.finbar.com/go?id=T18057216)[14](https://www.hkexgroup.com/Global/HKEX-Group/Contact?sc_lang=en)[15](https://app.finbar.com/go?id=P156459335)[16](https://app.finbar.com/go?id=P156459533)[17](https://app.finbar.com/go?id=P156458819)[18](https://app.finbar.com/go?id=T18057180)[14](https://www.hkexgroup.com/Global/HKEX-Group/Contact?sc_lang=en)

## Business segments

For the year ended 31 December 2025, HKEX reported four business segments. Cash provides equity products through the Stock Exchange cash market and Stock Connect, along with related clearing, settlement and custody services; it generated HK$14,396 million, approximately 60.6% of Group revenue of HK$23,745 million. [19](https://app.finbar.com/go?id=P156460431)[18](https://app.finbar.com/go?id=T18057180) Equity and Financial Derivatives covers derivatives traded on the Stock Exchange and Futures Exchange, related clearing, settlement and custody, and OTC derivatives; revenue was HK$4,160 million, approximately 17.5% of Group revenue. [20](https://app.finbar.com/go?id=P156460432)[18](https://app.finbar.com/go?id=T18057180)

Commodities includes the LME and LME Clear, QME in Mainland China, and commodity contracts on the Futures Exchange; it contributed HK$2,906 million, approximately 12.2% of revenue. [21](https://app.finbar.com/go?id=P156460433)[18](https://app.finbar.com/go?id=T18057180) Data and Connectivity provides market data, access to Group platforms and infrastructure, and BayConnect services; it contributed HK$2,266 million, approximately 9.5%. [22](https://app.finbar.com/go?id=P156460434)[18](https://app.finbar.com/go?id=T18057180) Corporate Items are central income and costs, not a business segment; reported revenue was HK$17 million, about 0.1% of the Group total. [23](https://app.finbar.com/go?id=P156460435)[18](https://app.finbar.com/go?id=T18057180) Percentages are calculated from reported segment revenue, rather than the broader “revenue and other income” measure. [18](https://app.finbar.com/go?id=T18057180)
[19](https://app.finbar.com/go?id=P156460431)[18](https://app.finbar.com/go?id=T18057180)[18](https://app.finbar.com/go?id=T18057180)[20](https://app.finbar.com/go?id=P156460432)[18](https://app.finbar.com/go?id=T18057180)[18](https://app.finbar.com/go?id=T18057180)[21](https://app.finbar.com/go?id=P156460433)[18](https://app.finbar.com/go?id=T18057180)[18](https://app.finbar.com/go?id=T18057180)[22](https://app.finbar.com/go?id=P156460434)[18](https://app.finbar.com/go?id=T18057180)[18](https://app.finbar.com/go?id=T18057180)[23](https://app.finbar.com/go?id=P156460435)[18](https://app.finbar.com/go?id=T18057180)[18](https://app.finbar.com/go?id=T18057180)[18](https://app.finbar.com/go?id=T18057180)[18](https://app.finbar.com/go?id=T18057180)[18](https://app.finbar.com/go?id=T18057180)[18](https://app.finbar.com/go?id=T18057180)[18](https://app.finbar.com/go?id=T18057180)[18](https://app.finbar.com/go?id=T18057180)

## Company history

Securities trading in Hong Kong dates to 1866; a formal stock market was established in 1891, and the Hong Kong Stock Exchange name was adopted in 1914. The Stock Exchange of Hong Kong was incorporated in 1980, and in 1986 four separate exchanges consolidated into a unified market that opened on 2 April. [24](https://www.hkex.com.hk/-/media/HKEX-Market/News/News-Release/2025/2504242news/HKEX_English-Factsheet.pdf) [25](https://www.hkexgroup.com/About-HKEX/About-HKEX/HKEX-Milestones?sc_lang=en)

In 1999, Hong Kong announced plans to demutualise and combine its stock and futures exchanges and their clearing houses. The merger creating Hong Kong Exchanges and Clearing Limited took effect on 6 March 2000, and the company listed on its own exchange on 27 June that year. [26](https://www.hkex.com.hk/-/media/hkex-market/market-data/statistics/consolidated-reports/hkex-fact-book/hkex-fact-book-1999/fb_1999) [27](https://www.hkex.com.hk/News/News-Release/2000-HKEX/0306news?sc_lang=en) [28](https://www.hkex.com.hk/Global/Exchange/FAQ/Getting-Started/About-HKEX?sc_lang=en)

HKEX expanded internationally by completing its acquisition of the London Metal Exchange in December 2012. It also developed cross-border market links: Shanghai–Hong Kong Stock Connect began in November 2014, followed by Shenzhen–Hong Kong Stock Connect in December 2016 and Bond Connect in July 2017. [29](https://www.hkex.com.hk/news/news-release/2012/121206news?sc_lang=en) [30](https://www.hkexgroup.com/-/media/HKEX-Group-Site/ssd/Investor-Relations/annouce/documents/2014/141110_stockconnect_e.pdf) [25](https://www.hkexgroup.com/About-HKEX/About-HKEX/HKEX-Milestones?sc_lang=en) [31](https://www.hkexgroup.com/Media-Centre/News-Release/HKEX-Group/2017/170703news?sc_lang=en)
[24](https://www.hkex.com.hk/-/media/HKEX-Market/News/News-Release/2025/2504242news/HKEX_English-Factsheet.pdf)[25](https://www.hkexgroup.com/About-HKEX/About-HKEX/HKEX-Milestones?sc_lang=en)[26](https://www.hkex.com.hk/-/media/hkex-market/market-data/statistics/consolidated-reports/hkex-fact-book/hkex-fact-book-1999/fb_1999)[27](https://www.hkex.com.hk/News/News-Release/2000-HKEX/0306news?sc_lang=en)[28](https://www.hkex.com.hk/Global/Exchange/FAQ/Getting-Started/About-HKEX?sc_lang=en)[29](https://www.hkex.com.hk/news/news-release/2012/121206news?sc_lang=en)[30](https://www.hkexgroup.com/-/media/HKEX-Group-Site/ssd/Investor-Relations/annouce/documents/2014/141110_stockconnect_e.pdf)[31](https://www.hkexgroup.com/Media-Centre/News-Release/HKEX-Group/2017/170703news?sc_lang=en)

## Sources

1. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p179](https://app.finbar.com/go?id=T18057216)
2. [www.hkexgroup.com](https://www.hkexgroup.com/About-HKEX/About-HKEX/Our-Purpose-and-Values?sc_lang=en)
3. [www.hkexgroup.com](https://www.hkexgroup.com/Investor-Relations/Business-Analysis/Key-Financial-Data?sc_lang=en)
4. [HONG KONG EXCHANGES & CLEAR — Full financial report (2026 H 1), p63](https://app.finbar.com/go?id=P161720755)
5. [www.hkex.com.hk](https://www.hkex.com.hk/Services/Clearing/Securities/Overview/Clearing-Services?sc_lang=en)
6. [www.hkex.com.hk](https://www.hkex.com.hk/Services/Clearing/Listed-Derivatives/Overview?sc_lang=en)
7. [www.hkex.com.hk](https://www.hkex.com.hk/Products/Securities/Exchange-Traded-Products/Overview?sc_lang=en)
8. [HONG KONG EXCHANGES & CLEAR — Full financial report (2026 H 1), p28](https://app.finbar.com/go?id=P161720459)
9. [HONG KONG EXCHANGES & CLEAR — Full financial report (2026 H 1), p64](https://app.finbar.com/go?id=P161720758)
10. [www.hkex.com.hk](https://www.hkex.com.hk/Global/Exchange/FAQ/Products/Derivatives/Commodities?sc_lang=en)
11. [HONG KONG EXCHANGES & CLEAR — Full financial report (2026 H 1), p64](https://app.finbar.com/go?id=P161720759)
12. [www.hkex.com.hk](https://www.hkex.com.hk/Services/Market-Data-Services/Infrastructure/HKEX-Orion-Market-Data-Platform-Securities-Market-OMD-C?sc_lang=en)
13. [HONG KONG EXCHANGES & CLEAR — Full financial report (2026 H 1), p65](https://app.finbar.com/go?id=T18810181)
14. [www.hkexgroup.com](https://www.hkexgroup.com/Global/HKEX-Group/Contact?sc_lang=en)
15. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p49](https://app.finbar.com/go?id=P156459335)
16. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p67](https://app.finbar.com/go?id=P156459533)
17. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p19](https://app.finbar.com/go?id=P156458819)
18. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p153](https://app.finbar.com/go?id=T18057180)
19. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p152](https://app.finbar.com/go?id=P156460431)
20. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p152](https://app.finbar.com/go?id=P156460432)
21. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p152](https://app.finbar.com/go?id=P156460433)
22. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p152](https://app.finbar.com/go?id=P156460434)
23. [HONG KONG EXCHANGES & CLEAR — Full financial report (2025 Y), p152](https://app.finbar.com/go?id=P156460435)
24. [www.hkex.com.hk](https://www.hkex.com.hk/-/media/HKEX-Market/News/News-Release/2025/2504242news/HKEX_English-Factsheet.pdf)
25. [www.hkexgroup.com](https://www.hkexgroup.com/About-HKEX/About-HKEX/HKEX-Milestones?sc_lang=en)
26. [www.hkex.com.hk](https://www.hkex.com.hk/-/media/hkex-market/market-data/statistics/consolidated-reports/hkex-fact-book/hkex-fact-book-1999/fb_1999)
27. [www.hkex.com.hk](https://www.hkex.com.hk/News/News-Release/2000-HKEX/0306news?sc_lang=en)
28. [www.hkex.com.hk](https://www.hkex.com.hk/Global/Exchange/FAQ/Getting-Started/About-HKEX?sc_lang=en)
29. [www.hkex.com.hk](https://www.hkex.com.hk/news/news-release/2012/121206news?sc_lang=en)
30. [www.hkexgroup.com](https://www.hkexgroup.com/-/media/HKEX-Group-Site/ssd/Investor-Relations/annouce/documents/2014/141110_stockconnect_e.pdf)
31. [www.hkexgroup.com](https://www.hkexgroup.com/Media-Centre/News-Release/HKEX-Group/2017/170703news?sc_lang=en)

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