SFC backs HKEX plan to shift Hong Kong stock settlement to T+1 by September 2028

HKEX has finalised its approach to moving Hong Kong's cash equities market from T+2 to T+1 settlement, with the SFC publicly endorsing the plan. This item covers the revised implementation date, the SFC's rationale, and what firms need to start preparing for ahead of a multi-year transition.

• HKEX issued its Consultation Conclusions on Accelerated Settlement for the Hong Kong Cash Market on 16 October 2026.
• The implementation timeline has been revised to the second half of 2028, with September 2028 identified as the target date.
• Under T+1, securities transactions settle one business day after trade date, compared with two business days under the current T+2 cycle.
• The transition will require consequential amendments to relevant rules and procedures, which the SFC will work on with HKEX.
• The SFC's Rico Leung urged industry participants to begin preparations early and coordinate with counterparties and service providers.

Executive summary

The Securities and Futures Commission (SFC) has welcomed a Consultation Conclusions Paper issued by Hong Kong Exchanges and Clearing Limited (HKEX) on 16 October 2026, addressing the proposed transition of Hong Kong's stock market from a T+2 to a T+1…

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