Hong Kong SFC Issues New Guidelines on Risk Management for Futures Brokers Effective 25th February 2024 – Safeguard Client Assets, Liquidity Risk, Stress Testing, Client Credit Risk, Market Risk, Executing or Clearing Agent Risk & Concessionary Margin

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Hong Kong SFC Issues New Guidelines on Risk Management for Futures Brokers Effective 25th February 2024 – Safeguard Client Assets, Liquidity Risk, Stress Testing, Client Credit Risk, Market Risk, Executing or Clearing Agent Risk & Concessionary Margin

25th August 2023 | Hong Kong

The Hong Kong Securities & Futures Commission (SFC) has issued new guidelines on risk management for licensed futures brokers effective 25th February 2024, including to safeguard client assets, liquidity risk, stress testing, client credit risk, market risk, executing or clearing agent risk and concessionary margin.  Hong Kong SFC: “The guidelines set out a comprehensive risk management framework for futures brokers which covers market risk management, commodity futures trading, client credit risk management, concessionary margining and risk management over executing or clearing agents. Requirements for funding liquidity risk management, safeguarding client assets, trading in futures markets outside Hong Kong and stress testing are also included … … Futures brokers have a transitional period of six months to comply with the guidelines and an additional 12 months to implement system changes for compliance with requirements relating to the automation of client risk limit controls and stress testing.” The guidelines were gazetted on 25th august 2023 and will become effective on 25th February 2024.  See Hong Kong SFC full statement below:

“ Hong Kong SFC Issues New Guidelines on Risk Management for Futures Brokers Effective 25th February 2024 – Safeguard Client Assets, Liquidity Risk, Stress Testing, Client Credit Risk, Market Risk, Executing or Clearing Agent Risk & Concessionary Margin “

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Hong Kong SFC CEO Julia Leung: “A robust risk management framework is crucial in ensuring the resilience of futures brokers when the market is volatile. The new guidelines will help futures brokers prudently manage risks for their proprietary and agency dealing businesses.”

Hong Kong SFC Issues New Guidelines on Risk Management for Futures Brokers Effective 25th February 2024

25th August 2023 – The Securities and Futures Commission (SFC) today published consultation conclusions on its proposed risk management guidelines for licensed futures brokers.

The guidelines set out a comprehensive risk management framework for futures brokers which covers market risk management, commodity futures trading, client credit risk management, concessionary margining and risk management over executing or clearing agents. Requirements for funding liquidity risk management, safeguarding client assets, trading in futures markets outside Hong Kong and stress testing are also included.

Respondents generally appreciated the SFC’s guidance on the risk management practices expected of futures brokers and their feedback has been incorporated in the guidelines where appropriate. To address the market’s comments, the SFC has provided more principles-based guidance in place of some prescriptive rules and quantitative thresholds.

Futures brokers have a transitional period of six months to comply with the guidelines and an additional 12 months to implement system changes for compliance with requirements relating to the automation of client risk limit controls and stress testing.  The guidelines were gazetted today and will become effective on 25 February 2024.

The consultation began on 25 November 2022 and ended on 31 January 2023. The SFC received 21 written submissions from industry associations, futures brokers, professional bodies, consultancy firms and individuals.

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