Order Routing System for AMS3

1
Order Routing System for AMS/3
Lawrence FokDeputy Chief Operating OfficerHong
Kong Exchanges and Clearing Limited13 February
2001
2

AMS/3 Rollout Schedule

• Launch of AMS/3 trading host and terminals
• Launch of MWS in batches (93 MWS introduced as of
  12 Feb 2001)

Migration of AMS/2 to AMS/3 trading network

• Launch of BSS in batches (89 BSS introduced as of
  12 Feb 2001)

• Launch of new order types and revised trading
  parameters

Launch of ORS
23 Oct 2000
12 Feb 2001
23 Feb 2001
10 Nov 2000
10 Jun 2000
3
AMS/3 Rollout
Broker Trading Facilities
Investor Access Channels
Terminal Approach
AMS/3 Trading Host
Proprietary Network System (PNS)
Order Routing System
Trading Network
Internet
Trading Terminals (On-floor)
Gateway Approach
Open Gateway (OG)
Open Gateway (OG)
Multi- workstation System (MWS)
Mobile Phone
Internet
Broker Supplied System (BSS)
Trading Terminals (Off-floor)
Terminal
OG/MWS
OG/BSS
Terminals launched on 23 Oct 2000, MWS launched
in batches on the same day
Launch of BSS on 10 Nov 2000 in batches
Launch of ORS on 23 Feb 2001
4
ORS Purpose
To provide the market and investors with the
infrastructure for more electronic trading
channels, including more Internet channels
5
ORS Function
Enables investors to place stock market orders
electronically through

• HKEx Online Trading Service
• Proprietary Network System channels provided by
  vendors
• Fast Track link from HKEx Online Trading Service
  to Broker Supplied Systems

6
ORS Main Benefits

• Open system
• Available to all Stock Exchange Participants
• One-stop shop for investors

7
ORS Rollout

• ORS and HKEx Online Trading Service introduced
  February 23
• Approx. 100 Stock Exchange Participants
  (including MWS and BSS brokers) have registered
  interest in using the service
• 21 to offer the service from February 23
• Others to offer the service in batches from late
  March
• Additional Participants welcome
• Proprietary Network Service channels to be
  introduced according to vendor timetables

8
Outlook for Online Trading

• Short term Brokers and investors need time to
  get used to new services
• Long term Great potential