Abstract
Abstract. The objective of this study is to examine the online securities trading service in Hong Kong. The upward trend in the contribution of retail online trading to total turnover value of online brokers continued, reaching 29% in 2013/14.However, international standards of anti-money laundering and counter-terrorist financing are set by the Financial Action Task Force. We expect that the client opening procedures (especially anti-money laundering) cannot satisfy both U.S. Securities and Exchange Commission and Hong Kong Securities and Futures Commission regulators. Some online brokerages will close their business in Hong Kong.
Keywords. Online Securities, Anti-money laundering, Hong Kong.
JEL. G20, G24.References
Cohen, A. (2000). Betting the house? Mutual funds go online in Japan. J@pan Inc. January, 26-30.
Feng, T.T., Tien, C., Feng Z.Y. & Lai, P. J. (2014). Web site quality and online trading influences on customer acceptanceof securities brokers. Asia Pacific Management Review, 19(1), 25-45. doi. 10.6126/APMR.2014.19.1.02
Hon, K. & Hon, D. (2001). The readiness of launching online securities trading service in Hong Kong. Working Paper Series, Economics Department, Hong Kong Shue Yan College, December, 1-29.
Hong Kong Exchange and Clearing Limited, (2015a). HKEx Retail Investor Survey 2014. Research and Policy, 1-66.
Hong Kong Exchange and Clearing Limited, (2015b). Cash Market Transaction Survey 2013/14. February, 1-18.
Klein, C. J., Malik, N. & Warren, D. (2000). Beyond day trading. The McKinsey Quarterly, 3, 34-41.
Konana P., Menon, N.M., & Balasubramanian, S. (2000). The implications of online investing. Communication of the ACM, 43(1), 35-41.
Mandocdoc, D.K.C. (2013). A complement to the technological change in the exchange: Distressed securities market participants and investor protection. Ateneo Law Journal, 57, 1202-1218.
Montazemi, A. R., Siam, J.J. & Esfahanipour, A. (2008). Effect of network relations on the adoption of electronic trading systems. Journal of Management Information Systems, 25(1), 233-266. doi. 10.2753/MIS0742-1222250109
Ody, E. (2011). The best of the online brokers. Kiplinger’s Personal Finance, 34-37.
Rossignoli, C., Zardini, A. & Cantoni, F. (2013). When customer behaviours change, should banks’ approaches to online trading stay the same? Journal of Internet Banking and Commerce, 18(2), 2-16.
Securities and Futures Commission, (2013).CIS Internet Guidance Note, (Guidance Note for Persons Advertisingor Offering Collective Investment Schemeson the Internet), April, second edition, 1-7.
Srivastava, S., (2011). Impact of internet growth on the online stock trading in India. Journal of Internet Banking and Commerce, 6(3), 1-10.
Teo, T.S.H., Tan, M. & Peck, S.N. (2004). Adopters and non-adopters of internet stock trading in Singapore. Behaviour & Information Technology, 23(3), 211-223. doi. 10.1080/01449290410001685402
Yang, Z., & Fang, X. (2004).Online Service Quality Dimensions and Their Relationships with SatisfactionA Content Analysis of Customer Reviews of Securities Brokerage Services.International Journal of Service Industry Management, 15(3), 302-326. doi. 10.1108/09564230410540953
