Securities & Futures Commission of Hong Kong

Research papers

On an ongoing basis, we conduct research on developments in the securities and futures markets of Hong Kong and other major jurisdictions to:

  • Help formulate policies and regulations;
  • Enhance the understanding of market developments and its effects;
  • Identify any potential risks or irregularities in various market segments;
  • Help support the SFC achieve its regulatory objectives.

General research papers

Publication Date
RS Paper 60 - A Review of the Global and Local Securities Markets in 2016 Jan 2017
RS Paper 59 - Half-yearly Review of the Global and Local Securities Markets Jul 2016
RS Paper 58 - A Review of the Global and Local Securities Markets in 2015 Jan 2016
RS Paper 57 - Half-yearly Review of the Global and Local Securities Markets Jul 2015
RS Paper 56 - A Review of the Global and Local Securities Markets in 2014 Jan 2015
RS Paper 55 - Half Yearly Review of the Global and Local Securities Markets Jul 2014
RS Paper 54 - A review of the global and local securities markets in 2013 Jan 2014
RS Paper 53 - Half Yearly Review of the Global and Local Securities Markets Jul 2013
RS Paper 52 - A review of the global and local securities markets in 2012 Jan 2013
RS Paper 51 - Half Yearly Review of the Global and Local Securities Markets Jul 2012
RS Paper 50 - A review of the global and local securities markets in 2011 Jan 2012
RS Paper 49 - Half Yearly Review of the Global and Local Securities Markets Jul 2011
RS Paper 48 - A review of the global and local securities markets in 2010 Jan 2011
RS Paper 47 - Half Yearly Review of the Global and Local Securities Markets Jul 2010
RS Paper 46 - A review of the global and local securities markets in 2009 Jan 2010
RS Paper 45 - Half Yearly Review of the Hong Kong Securities Market Jul 2009
RS Paper 44 - How short-selling activity affects liquidity of the Hong Kong stock market Apr 2009
RS Paper 43 - Review of the Hong Kong Securities Market in 2008 Feb 2009
RS Paper 42 - Short selling in the Hong Kong Stock Market Oct 2008
RS Paper 41 - Half-Yearly Review of the Hong Kong Securities Market Jul 2008
RS Paper 40 - Hong Kong Consolidates its Role as a Fund-raising Platform for the Greater China Region with Increased Listing of Taiwanese Companies May 2008
RS Paper 39 - A Review of Hong Kong Securities Market Performance in 2007 Feb 2008
RS Paper 38 - The Rapid Growth of the Stock Options Market in Hong Kong Nov 2007
RS Paper 37 - Trading of Listed Equity Products in Hong Kong, the UK and US Jul 2007

RS Paper 36 - An Overview of the Major Events and Regulation of the Securities and Futures Markets between 1997 and 2007

Please click here for the relevant timeline for 1997-2007

Jun 2007
RS Paper 35 - IPO Activities during 2006 and their Performance Mar 2007
RS Paper 34 - The Retail Structured Notes Market in Hong Kong amid a Rate Hike Cycle Sep 2006
RS Paper 33 - Hong Kong As A Leading Financial Centre in Asia Aug 2006
RS Paper 32 - Inclusion of H-shares in the HSI and Possible Impact on the Market Aug 2006
RS Paper 31 - Trading of Listed Equity Derivatives in Hong Kong, the UK and US Jun 2006
RS Paper 30 - Positioning of Hong Kong amid Reforms in the Mainland Financial Markets Jun 2006
RS Paper 29 - Close Relationship between Active Trading on the Hong Kong Stock Market and Capital Inflow amid the China Factors Apr 2006
RS Paper 28 - Hong Kong's Derivative Warrants Market - Moving with Times amid Rapid Developments in Other Warrants Markets in Asia Apr 2006
RS Paper 27 - Alternative Measures of the Size of the Stock Market Nov 2005
RS Paper 26 - Trading of the 31 Mainland Companies which Issued Both A-shares and H-shares Dec 2005
RS Paper 25 - Trading of Mainland Stocks and HSI Constituent Stocks in Hong Kong, the UK and US Nov 2005
RS Paper 24 - A Survey on the Retail Structured Notes Market in Hong Kong Oct 2005
RS Paper 23 - Proportion of Derivative Warrants Expiring In-the-Money and Out-of-the-Money Sep 2005
RS Paper 22 - Trading of Hong Kong Stocks by US and Japanese Residents Sep 2005
RS Paper 21 - A Comparison Between Shenzhen SME Companies and Hong Kong GEM Companies Mar 2005
RS Paper 20 - Interest Rate and Capital Movements Jan 2005
RS Paper 19 - Convergence of A-share and H-share Prices Jan 2005
RS Paper 18 - Possible Impact of a Rise in US Interest Rates on the Hong Kong Stock Market Oct 2004
RS Paper 17 - The Listing of Mainland Companies on HKEx and the Implications for Hong Kong Sep 2004
RS Paper 16 - Profile of the Index Futures Maket in Hong Kong Sep 2004
RS Paper 15 - Profile of the Stock Options Market in Hong Kong Jun 2004
RS Paper 14 - Impact of IPOs on Market Turnover May 2004
RS Paper 13 - Profile of the Derivative Warrants Market in Hong Kong Mar 2004
RS Paper 12 - Trading Activities of Stocks on HKEx and Overseas Exchanges Mar 2004
RS Paper 11 - Impact of the Issuance of A-shares on the Turnover of H-shares Dec 2003
RS Paper 10 - IPO Activities in Hong Kong Oct 2003
RS Paper 9 - Six-year Comparison of Business Activities Surveys on Investment Advisers, Commodity Trading Advisers and Exempt Investment Advisers under the pre-SFO Regime Sep 2003
RS Paper 8i - Further Analysis of the Recent Rebound in Market Turnover Oct 2003
RS Paper 8 - Analysis of the Recent Rebound in Market Turnover Jul/Aug 2003
RS Paper 7 - Six-year Comparison of Business Activities Surveys on Commodity Dealers Jun 2003
RS Paper 6 - Analysis of Transaction Size Distribution on HKEx May 2003
RS Paper 5 - Six-year Comparison of Business Activities Surveys on Securities Dealers Apr 2003
RS Paper 4 - Turnover of the Stock Market - A Macro-Economic Perspective Mar 2003
RS Paper 3 - Arbitrage Activities Between HSI Stocks and HSI-Related Derivatives Products Dec 2002

RS Paper 2 - Revenue and Cost Trends of Global Stock Exchanges and HKEx

Nov 2002

RS Paper 1 - Turnover Behaviour of the Hong Kong Stock Market

Oct 2002

Note: Views expressed in these research papers are the authors' and do not represent those of the SFC

3.3445 s