The report, after providing an overview of algorithmic trading (AT) and high-frequency trading (HFT) across international financial markets, discusses the results of research analysis and the findings of a survey focusing on Hong Kong’s equity market that have been conducted by HKIMR with the...

This applied research paper was written by Claire Yurong Hong (Shanghai Jiao Tong University), Frank Weikai Li (Singapore Management University) and Avanidhar Subrahmanyam (University of California, Los Angeles)

The report describes the recent transformation of the financial services industry using artificial intelligence (AI) and big data (BD) technologies, and highlights the role of talent integrating these new technologies into the financial services industry’s core business functions. The report...

This report illustrates the state of the green bond markets in Hong Kong and globally, and sheds light on the benefits of green bonds to issuers and investors. The report also explores market participants’ views of the opportunities and prospects of the Hong Kong green bond market in a survey...

The first part of the report assesses the current status of AI adoption in the Hong Kong banking industry based on an industry-wide survey conducted by the HKMA, and the findings indicate that banks in Hong Kong have adopted AI in all key functional areas. Over 80% of participating banks view AI...

In view of the COVID-19 pandemic and its disruptions on businesses and individuals, this report looks at the experience of the years 2020-2021 to understand how the financial services industry in Hong Kong has maintained operational resilience during different phases of the pandemic. With the...

The paper, in collaboration with the Alliance for Green Commercial Banks, aims to be a primer on climate risk and its broad reverberation to the financial services industry for a non-technical audience in Asia and internationally. It provides an overview of the definitions and measurement of...

This working paper was written by Shuang Jin (Hong Kong Monetary Authority).Using financial disclosure of listed firms in Hong Kong from 2003 to 2016, this paper investigates the investment response of Mainland firms to the low-for-long interest rate environment after the Global Financial Crisis...

This working paper was written by Ka-Fai L (Hong Kong Monetary Authority), Cho-Hoi Hui (Hong Kong Monetary Authority) and Tsz-Kin Chung (Hong Kong Monetary Authority).Price disparities between the renminbi onshore deliverable forward and offshore non-deliverable forward exchange rates is an...

This working paper was written by Amar Gande (Vanderbilt University) and David Parsley (Vanderbilt University).We study the effect of a sovereign credit rating change of one country on the sovereign credit spreads of other countries for 155 ratings change events from 1991 to 2000. We find...