The rules and procedures for trading Exchange Fund Bills and Notes (EFBNs) are in the guidelines drafted by the Hong Kong Monetary Authority (HKMA).

In general, competitive and non-competitive tenders for EFBNs may be submitted through recognized dealers or through the Hong Kong Exchanges and Clearing (HKEx). In addition, EFBNs work through a two-tier dealership system: recognized dealers participate actively in the primary market to promote Exchange Fund paper; and market makers, who are appointed from the pool of recognized dealers, are responsible for maintaining secondary market liquidity.

Listed government and corporate debt securities may be traded through HKEx, even as most transactions are executed over-the-counter (OTC). HKEx trading rules and regulations can be found by following the links provided below. In general, the Securities and Futures Ordinance governs all trading activities.