The implementation of the five-day clearing week initiative from September 4 will mainly concern operations under the Central Clearing & Settlement System.

Hong Kong Exchanges & Clearing said today that when interbank clearing and settlement services cease on Saturdays, the money settlement arrangements with the system's participants will need to be changed. For money settlement instructions generated on Friday, settlement will not be processed on Saturday and instructions currently generated on that day will only be generated and sent to HK Interbank Clearing the following Monday.

Services that will be affected by the five-day clearing week include money settlement of securities transactions, subscription for registered warrants and rights issues, distribution of cash entitlements, and tendering for Exchange Fund notes.

Meanwhile, the system's online service hours on Saturdays will be adjusted from 8am to 3pm to 8am to 1pm.

16 submissions

On the discussion paper on the growth enterprise market issued in January, HKEx received 16 submissions at the close of consultation on May 31. Of these, three were from listed companies, seven from market practitioners, four from other organisations and two from individuals. Full text of the submissions is available here.

Among the submissions, support was shown for:

* having a growth company market in Hong Kong;

* opening the market to companies from all jurisdictions and at all stages of development, and to all investor groups;

* establishing a new alternative market with a lighter touch or a disclosure-based buyer-beware regulatory regime;

* having a flexible, streamlined listing process with low-cost access to capital;

* establishing a life-long nomad-type sponsor regime or enhancing the sponsor role; and,

* introducing market making or a liquidity provider system.

HKEx will take into account respondents' views and the interests of existing growth enterprise market-listed companies in formulating its proposals on the further development of the growth enterprise market and related matters. Such proposals will be subject to separate consultation.