Hong Kong Exchanges and Clearing Limited (HKEX) today (Wednesday) published a discussion paper examining the accelerated settlement for the Hong Kong cash equities market, aiming to lead market-wide discussion and build consensus with industry participants on how and when to move to a shorter settlement cycle for Hong Kong.
HKEX's cash market has been operating under a T+2 settlement cycle since 1992, while other cash markets globally have also been gradually shortening to a T+2 cycle over the past two decades. More recently, many markets have moved or are considering moving to a T+1 or faster settlement cycle. By the end of 2027, up to 88 per cent1 of cash equities globally by trade value will be...
Eric Tung, a corporate lawyer with a track record of representing crypto firms, is poised to join one of the most influential federal courts in the United States.On Tuesday, US President Donald Trump sent Tung’s nomination to the Senate to be a US Circuit Judge for the Ninth Circuit, which covers Arizona, Idaho, Montana, Oregon, Washington, Nevada, California Alaska and Hawaii. Tung, a partner at the law firm Jones Day since 2019, has had clients that include digital currency companies.Court records show that Tung represented the advocacy group Blockchain Association while at Jones Day in a case filed by six Tornado Cash users against the US Treasury Department. He also represented an investor filing...