证监会欢迎香港交易所关于在香港股票市场实施T+1结算的建议 (SFC welcomes HKEX's proposal to implement T+1 settlement in Hong Kong's stock market)

证券及期货事务监察委员会（证监会）于2026年10月16日对香港交易及结算所有限公司（港交所）就香港股票市场由T+2结算周期过渡至T+1结算周期所发出的咨询总结文件表示热烈欢迎。这项重要里程碑标志着香港资本市场在提升清算效率、与全球主要金融市场接轨方面迈出了坚实的一步。 一、 內容摘要 / 要点总结 (Summary of Key Highlights) 1. 落实T+1结算周期的咨询总结 (Consultation Conclusions on T+1 Settlement) 港交所于2026年10月16日正式发布了关于香港现金市场加速结算的咨询总结，明确了将香港股票市场结算周期由现行的T+2缩短至T+1的推进方向。此举旨在优化市场微观结构，提升整体资本效率。 HKEX issued its Consultation Conclusions on Accelerated Settlement for the Hong Kong Cash Market on 16 October 2026, outlining the roadmap to transition Hong Kong's stock market from the prevailing T+2 settlement cycle to T+1. This initiative is designed to optimize market microstructure and enhance overall capital efficiency. 2. 实施时间表与准备工作 (Implementation Timeline and Preparations) 鉴于市场各方的广泛反馈以及对生态系统全面统筹准备的需求，实施时间表已修订为2028年下半年，并将2028年9月定为目标实施日期。证监会及港交所均强调采取“以准备就绪为本”的推进方式。 Having regard to market feedback and the need for coordinated preparations across the market ecosystem, the implementation timeline has been revised to the second half of 2028, with September 2028 identified as the target date. Both the SFC and HKEX emphasized a readiness-based approach to implementation. 3. 监管机构的呼吁与规则修订 (Regulatory Call to Action and Rule Amendments) 证监会市场监察部执行董事梁凤仪指出，市场参与者应尽早启动筹备工作，评估对系统、流程及营运安排的影响。同时，证监会将继续与港交所紧密合作，推进必要的规则及程序修订，以确保市场平稳过渡。 The SFC's Executive Director of Supervision of Markets, Mr Rico Leung, urged industry participants to begin preparations early and assess implications for systems and processes. Meanwhile, the SFC will continue to work closely with HKEX on the requisite rule and procedure amendments to facilitate an orderly transition. 二、 觀察與解析 (Insights) 1. 提升香港国际金融中心竞争力 (Enhancing the Competitiveness of Hong Kong as an International Financial Centre) 随着全球主要司法管辖区（如美国、印度等）相继转向T+1甚至更短的结算周期，香港资本市场推行T+1势在必行。此次改革有助于缩短交收时间、降低交易对手风险（Counterparty Risk）及保证金占用成本，对维持香港作为连接内地与全球资本枢纽的长期竞争力至关重要。 As major global jurisdictions (such as the US and India) shift towards T+1 or even shorter settlement cycles, the implementation of T+1 in Hong Kong's capital market is imperative. This reform helps shorten settlement duration, mitigate counterparty risk, and reduce margin requirements, which is crucial for maintaining Hong Kong's long-term competitiveness as a premier hub bridging mainland and global capital. 2. 市场生态系统的全面技术挑战 (Comprehensive Technological Challenges Across the Market Ecosystem) 由T+2向T+1的跨越绝非简单的日常营运调整，而是对券商、托管机构、结算所及投资者全链条系统的严峻考验。缩短的交收窗口意味着跨境资金调拨、外汇兑换、指令确认及异常处理的时间将被极大地压缩。机构需在2028年9月前完成全面的技术迭代与自动化升级。 The transition from T+2 to T+1 is far from a routine operational adjustment; it is a severe test for the entire ecosystem of brokers, custodians, clearing houses, and investors. A shortened settlement window means time frames for cross-border fund transfers, foreign exchange conversions, trade matching, and exception handling will be compressed significantly, requiring institutions to complete technological upgrades and automation by September 2028. 3. 务实且具有弹性的“以准备就绪为本”方针 (Pragmatic and Flexible "Readiness-Based" Approach) 市场对于急速压缩结算周期曾存有对营运摩擦及失误率上升的担忧。港交所将目标锁定在2028年下半年（9月），给予了市场充裕的两年缓冲期。这种兼顾国际接轨与行业实际承受能力的务实策略，有效平衡了监管前瞻性与市场执行的稳健性。 The market previously expressed concerns regarding potential operational friction and increased error rates from an aggressive compression of the settlement cycle. By targeting the second half of 2028 (September), HKEX provides a generous buffer of roughly two years. This pragmatic strategy harmonizes regulatory forward-looking vision with the industry's practical capacity, balancing regulatory ambition with execution stability. 原文链接 (Source)：[SFC Press Release - 16 Oct 2026](https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=26PR171) 免责声明 / Disclaimer 本文仅作为一般概述，旨在提供信息参考，并基于有关证监会通函的公开资料编写。它不构成任何法律、监管、合规或专业建议。读者不应依赖本概述来代替审阅完整的官方通函及相关文件，亦不应代替寻求合格专业人士的独立意见。文中所载资料可能并不完整或并非最新，且监管要求可能会发生变化。对于基于本文内容所采取的任何行动或引起的任何遗漏，概不承担任何法律责任。持牌实体应直接咨询证监会或其自身的法律/合规顾问以获取具体指引。 This article is a general summary prepared for informational purposes only and is based on publicly available information regarding the SFC circulars. It does not constitute legal, regulatory, compliance, or professional advice. Readers should not rely on this summary as a substitute for reviewing the full official circulars and associated documents or obtaining independent advice from qualified professionals. The information may not be complete or up to date, and regulatory requirements can change. No liability is accepted for any actions taken or omissions based on this content. Licensed entities should consult the SFC directly or their own legal/compliance advisors for specific guidance.