Shares in the operator of Hong Kong’s bourse rallied after it was cleared to offer index futures for mainland Chinese shares, an important hedging tool that could broaden the exchange’s appeal to international investors.
Hong Kong Exchanges and Clearing’s stock rose as much as 6.8 per cent on Monday after it said late on Friday that the operator had signed an agreement with indices provider MSCI to launch a futures contract based on the MSCI China A50 Connect index. The gauge tracks Shanghai- and Shenzhen-listed stocks that are available to trade through market link-ups with Hong Kong.
The futures will begin trading on October 18 after a more than two-year wait for approval from regulators in Hong Kong and Beijing.
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