The Hong Kong Stock Exchanges and Clearing (HKEx), which is the corporation that operates both the cash (stocks and bonds) and derivatives markets, was formed through the merger of the Stock Exchange of Hong Kong, the Hong Kong Futures Exchange, and the Hong Kong Securities Clearing Company. Competitive and non-competitive tenders, under the Notes Issuance Program of HKMA may be lodged with HKEx.

Cash market securities, which are listed on the Main Board and the Growth Enterprise Market (GEM) of HKEx, are executed through an order-driven system that accepts enhanced limit and special limit orders. All securities listed on the exchange are traded through the Automatic Order Matching & Execution System (AMS/3)—a computer-based system that automatically records, matches, and executes orders to buy and sell securities.

Derivatives trading is also conducted through HKEx. The Hong Kong Automated Trading System (HKATS) is the electronic central marketplace for the HKEx derivatives market. The system automatically matches buy and sell orders in real time. An HKATS client can trade through a broker who is an exchange participant.