Securities Awards

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About HKEX
About HKEX

HKEX is one of the world’s major exchange groups, and operates a range of equity, commodity, fixed income and currency markets. HKEX is the world’s leading IPO market and as Hong Kong’s only securities and derivatives exchange and sole operator of its clearing houses, it is uniquely placed to offer regional and international investors access to Asia’s most vibrant market.
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At HKEX we are committed to the highest standards of corporate governance and recognise that good governance is vital for the long-term success and sustainability of our business. HKEX has applied the principles of the Corporate Governance Code to its corporate governance structure and practices.
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Sustainability

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Exchange Traded Products

Structured Products

Stock Connect

Northbound

Top Broker

Top China Connect Exchange Participants based on Northbound turnover from 2 January 2025 to 31 December 2025

Top Custodian – Assets Under Depository

Top Custodians based on Northbound portfolio value as of 31 December 2025

Top Broker – SPSA

Top China Connect Exchange Participants based on the number of mapped Special Segregated Accounts (SPSA) as of 31 December 2025

Top Breakthrough Broker

Top China Connect Exchange Participants with the largest year-on-year percentage increase (2024 vs. 2025) in Northbound trading volume

Exchange Traded Products

Top Market Maker

Top Market Makers (Securities Market Makers & Designated Specialists) based on average participation rate from 2 January 2025 to 31 December 2025 amongst the top 5 Market Makers by number of market making permits

Top New Market Maker

Top Market Maker (Securities Market Makers & Designated Specialists) onboarded in 2025 by number of market making permits

Top Breakthrough Broker

Top Exchange Participants with the largest year-on-year value increase (2024 vs. 2025) in Exchange Traded Products non-market making turnover

Top Participating Dealer – New ETP

Top Participating Dealer by number of new ETPs in 2025

Top ETP – Net Cash Flow

Top performing primary-listed Exchange Traded Products based on net cash flow from 2 January 2025 to 31 December 2025

Top New ETP - Average Daily Turnover

Top newly listed Exchange Traded Product based on average daily turnover in 2025

Top Breakthrough Retail Broker – Leveraged & Inverse Products

Top 3 brokers based on Leveraged & Inverse Products average daily turnover attributable to individual investors from 2 January 2025 to 31 December 2025

Equities

Top Market Maker - RMB Counter

Top Dual Counter Market Makers (DCMMs) based on RMB Counter market making turnover from 2 January 2025 to 31 December 2025. Turnover of surrendered DCMM permits is excluded from the calculation

Top Broker - RMB Counter

Top Exchange Participants based on RMB Counter non-market making turnover from 2 January 2025 to 31 December 2025

Top Retail Broker – Equities

Top 3 brokers based on cash equities average daily turnover attributable to individual investors from 2 January 2025 to 31 December 2025

Top Breakthrough Retail Broker – Equities

Top 5 brokers with the largest year-on-year percentage growth (Q1 2025 vs full-year 2025) in cash equities average daily turnover attributable to individual investors
(Note: Due to data availability, the inaugural year of this award will compare Q1 2025 against full year 2025 rather than two full-year periods)

Structured Products

Top Issuer

Top Issuers based on Structured Product market share from 2 January 2025 to 31 December 2025. The calculation of market share is based on, by order of priority, the number of newly listed Structured Products, the number of underlying coverage, and turnover

Top Breakthrough Issuer – International Underlying

Top Issuer with the largest year-on-year growth (2024 vs. 2025) in Structured Product market share on international underlyings. The calculation of market share is based on, by order of priority, the number of newly listed Structured Products, the number of underlying coverage, and turnover

Top Emerging Issuer

New Issuer(s) who listed in the Hong Kong Structured Product market in the past 2 calendar years (2024-2025)* and meet all of the following criteria:
1. have (average) at least 10 newly listed products per month since the date of joining; and
2. cover at least 30 underlying in the past 6 months; and
3. over both Derivative Warrant and Callable Bull/Bear Contracts in the eligible 2 calendar years period
* Re-entry issuer(s) who have not launched new products for more than 6 months are also eligible for the award. The calculation of criteria 1-3 for re-entry issuer(s) will be from the date since they re-join the market.

Top Breakthrough Broker

Top Exchange Participants with the largest year-on-year growth (2024 vs. 2025) in Structured Product market share, excluding Liquidity Providers. The calculation of market share is based on total number of trades and turnover

Clearing

Top Securities Clearing Member

Top Clearing Participants based on Securities clearing volume from 2 January 2025 to 31 December 2025

Top HKSCC Participants

Top HKSCC participants based on monthly average HKD portfolio value from 2 January 2025 to 31 December 2025

If you have questions about the awards, please contact your relationship manager at HKEX.