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在线翻译:
szdaily -> Markets
HK stock exchange to close trading hall
    2017-October-23  08:53    Shenzhen Daily

HONG KONG’S last remaining stock market floor traders are taking their final orders as the city’s stock exchange prepares to shut its trading hall.

The bourse’s operator, Hong Kong Exchanges & Clearing, will close the trading hall by the end of this month and turn the space into a showcase for the city’s financial markets.

Yip Wing-keung, a trading manager at brokerage Christfund Securities, donned his red trading jacket for the last time Friday, his final day on the floor. He and the other few floor traders left have been moving out ahead of the closure.

The shutdown marks the end of an era for the stock market, which symbolized the city’s ascent as an Asian finance hub. Activity on the floor, one of a few such venues left worldwide, dwinded as stock dealing became fully computerized.

Hong Kong’s stock exchange, Asia’s third biggest by volume, follows other global peers like Tokyo, Singapore and London that have eliminated their trading floors

In the United States, floor traders at the New York Stock Exchange still provide the backdrop for financial TV news reports and bell-ringing ceremonies. But Chicago and New York commodity futures trading pits, where traders used old-fashioned “open outcry” techniques, have shut in recent years as volume fell to 1 percent of the total.

Hong Kong stock exchange stopped updating stats for floor trading in 2014, when it accounted for less than 1 percent of monthly turnover.

In the 1980s and 1990s, the hall housed more than 900 trading desks. The exchange’s most recent count showed only 62 dealing desks were leased, with about 30 traders showing up on an average day. On a visit to the hall last week, only about seven traders could be seen.

An early form of electronic trading was introduced in 1993, triggering a major shift away from face-to-face deals.

Three years later, brokers were able to trade away from the hall as terminals were installed in their own offices.

From 2000, they could offer services online, after the exchange invested HK$300 million (US$38 million) in cutting-edge technology.

More brokers drifted away from the communal hall and the handful of firms that remained mostly used it as an affordable and conveniently located office space. (SD-Agencies)

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