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 62 - A Review of the Global and Local Securities Markets in 2017 (Featuring Stock Connect Trading and the Expansion of the Short Position Reporting (SPR) Regime) Jan 2018
Research Paper on Hong Kong ETF Market and Topical Issues in the ETF Space Jan 2018
RS Paper 61 - Half-yearly Review of the Global and Local Securities Markets Jul 2017
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

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