HONG KONG, Feb 14 (Reuters) - Hong Kong Exchanges and Clearing Ltd (HKEx) plans to offer after-hours futures trading from April 8 to allow investors to hedge or adjust positions when news breaks in the European or U.S. business day.
HKEx, which secured approval in December for its $2.2 billion takeover of the London Metal Exchange, said on Thursday trading in futures for the Hang Seng Index and Hang Seng China Enterprises Index would be available from 0900 GMT to 1500 GMT (5 pm to 11 pm local time).
Gold futures will be considered for after-hours futures trading at a later stage, the bourse said.
With Hong Kong becoming an offshore renminbi centre, after-hours futures trading will enable the exchange to cater to international interest in yuan products in the future. Also the move is a necessary step for the bourse to move into asset classes traded on a global basis, including foreign exchange, it said.
HKEx, the world’s No.2 exchange operator by market value, said in January it would introduce Asian time-zone price discovery and clearing on the London Metal Exchange (LME), in a move that could hold off competition from its Shanghai rival.
It added it would also use the LME’s status as the world’s biggest metals marketplace to extend HKEX’s commodity platform into ferrous metals, such as iron ore, coking coal and energy.