HKMA Adds 9 Newly Designated Market Makers for Southbound Trading under Bond Connect

The Hong Kong Monetary Authority (HKMA) announced last Friday (September 22) that it has designated the following nine additional financial institutions as market makers for Southbound Trading under Bond Connect (designated market makers).  This brings the total number of designated market makers from 13 to 22.

Newly Designated Market Makers:

• China International Capital Corporation Hong Kong Securities Limited

• CMB Wing Lung Bank Limited

• CSI Global Markets Limited

• DBS Bank Limited

• Deutsche Bank AG, Hong Kong Branch

• Guotai Junan Securities (Hong Kong) Limited

• Huatai Financial Holdings (Hong Kong) Limited

• Industrial Bank Corporation Limited

• UBS AG

Other 13 Designated Market Makers：

• Agricultural Bank of China Limited, Hong Kong Branch

• Bank of China (Hong Kong) Limited

• Bank of Communications Co., Ltd., Hong Kong Branch

• BNP Paribas, Hong Kong Branch

• China CITIC Bank International Limited

• China Construction Bank (Asia) Corporation Limited

• Citigroup Global Markets Asia Limited

• Credit Agricole Corporate and Investment Bank

• Hongkong and Shanghai Banking Corporation Limited, The

• Industrial and Commercial Bank of China (Asia) Limited

• J.P. Morgan Securities (Asia Pacific) Limited

• Mizuho Securities Asia Limited

• Standard Chartered Bank (Hong Kong) Limited

Designated market makers undertake to provide investors with secondary liquidity and support the smooth and orderly operation of Southbound Trading under Bond Connect. The selection of designated market makers follows HKMA’s established internal evaluation process, based on a range of criteria, including debt market activities, business presence in Hong Kong, counterparty network with Mainland financial institutions, internal control systems, etc.

According to HKMA, the regulator will review the list of designated market makers and evaluate the need for enhancement and expansion as and when appropriate, with a view to enhancing cross-boundary financial connectivity and promoting the development of Hong Kong bond market.