---
title: "Hong Kong Securities and Futures Commission: Licensed virtual asset trading platforms are permitted to share order books with affiliated overseas platforms"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/263945154.md"
description: "On November 3rd, the Hong Kong Securities and Futures Commission (SFC) issued a new circular allowing licensed virtual asset trading platforms to share order books with affiliated overseas platforms to enhance market liquidity and competitive pricing. This is the first step of the ASPIRe roadmap, aimed at attracting global trading flows. The SFC also permits platforms to sell new virtual assets and tokenized securities to professional investors and explore the feasibility of transferring customer trading instructions to overseas liquidity pools. CEO Ashley Liang stated that this move is key to promoting the development of Hong Kong's digital asset ecosystem"
datetime: "2025-11-03T05:51:21.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/263945154.md)
  - [en](https://longbridge.com/en/news/263945154.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/263945154.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/263945154.md) | [繁體中文](https://longbridge.com/zh-HK/news/263945154.md)


# Hong Kong Securities and Futures Commission: Licensed virtual asset trading platforms are permitted to share order books with affiliated overseas platforms

According to the Zhitong Finance APP, on November 3rd, the Hong Kong Securities and Futures Commission (Hong Kong SFC) published two new circulars outlining the expected standards for licensed virtual asset trading platform operators (platform operators) in Hong Kong, marking an important step towards facilitating their access to global liquidity and expanding the range of products and services offered. One of the circulars states that the Hong Kong SFC allows platform operators to merge trading instructions with affiliated overseas virtual asset trading platforms into a shared order book, which is a key step under Pillar A (Access) of the ASPIRe roadmap aimed at attracting global platforms, trading volumes, and liquidity providers.

Through seamless cross-platform matching and execution of trades, Hong Kong investors are expected to benefit from enhanced market liquidity and more competitive pricing, while being able to reduce additional risks under robust safeguards. The next step for the Hong Kong SFC will be to explore the feasibility of allowing licensed brokers to transfer client trading instructions to regulated overseas liquidity pools under the same group, and then consider whether to further expand the relevant arrangements.

To optimize Pillar P (Products) of the roadmap aimed at expanding new products and services, the Hong Kong SFC, in another circular, permitted platform operators to sell virtual assets without a 12-month track record to professional investors and stablecoins licensed by the Hong Kong Monetary Authority, as well as to sell tokenized securities and investment products related to digital assets. In addition, affiliated entities of platform operators may provide custody services for virtual assets or tokenized securities that are not traded on the relevant platform.

Ms. Ashley Liang, CEO of the Hong Kong SFC, stated: "Steadily expanding market liquidity and commercial products and services is key to driving the sustainable development of Hong Kong's digital asset ecosystem. Today, we have taken a significant step towards connecting with global liquidity, marking our commitment to achieving an ideal balance between promoting market innovation and maintaining high standards of investor protection and market integrity."

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