Research papers

On an ongoing basis, we conduct research on developments in the securities and futures markets of Hong Kong and other major jurisdictions to:

Help formulate policies and regulations;
Enhance the understanding of market developments and its effects;
Identify any potential risks in various market segments;
Help support the SFC achieve its regulatory objectives.

General research papers

Publication	Date
RS Paper 77: Half-yearly Review of the Global and Local Securities Markets	Jul 2025
RS Paper 76: A Review of the Global and Local Securities Markets in 2024	Feb 2025
RS Paper 75: Half-yearly Review of the Global and Local Securities Markets	Aug 2024
RS Paper 74: A Review of the Global and Local Securities Markets in 2023	Feb 2024
RS Paper 73: Half-yearly Review of the Global and Local Securities Markets	Aug 2023
RS Paper 72: A Review of the Global and Local Securities Markets in 2022 (Featuring Market Turnover and Short Positions)	Feb 2023
RS Paper 71: Half-yearly Review of the Global and Local Securities Markets (Featuring Short Selling and Derivatives Ecosystem for the Technology Sector)	Jul 2022
RS Paper 70: A Review of the Global and Local Securities Markets in 2021 (Featuring Technology Stocks and MSCI China A 50 Connect Index Futures Contract)	Feb 2022
RS Paper 69: Half-yearly Review of the Global and Local Securities Markets (Featuring Changes in Market Structure and Stock Connect)	Aug 2021
RS Paper 68: A Review of the Global and Local Securities Markets in 2020 (Featuring New Economy Stocks and Stock Connect Inflows)	Feb 2021
RS Paper 67: Half-yearly Review of the Global and Local Securities Markets (Featuring Stock Market Trading, Short Selling and After-Hours Trading)	Jul 2020
RS Paper 66: A Review of the Global and Local Securities Markets in 2019 (Featuring Stock Connect and Short Selling)	Feb 2020
RS Paper 65: Half-yearly Review of the Global and Local Securities Markets (Featuring the Northbound Investor Identification Regime and Short Selling)	Jul 2019
RS Paper 64 - A Review of the Global and Local Securities Markets in 2018 (Featuring Stock Connect inflows, Closing Auction Session and the rise in index derivatives activities)	Jan 2019
RS paper 63 - Half-yearly Review of the Global and Local Securities Markets (Featuring VIX Exchange-traded Products, MSCI A-share Inclusion and After-Hours Futures Trading)	Jul 2018
RS paper 62 - A Review of the Global and Local Securities Markets in 2017 (Featuring Stock Connect Trading and the Expansion of the Short Position Reporting (SPR) Regime)	Jan 2018
Research Paper on Hong Kong ETF Market and Topical Issues in the ETF Space	Jan 2018
RS Paper 61 - Half-yearly Review of the Global and Local Securities Markets	Jul 2017
RS Paper 60 - A Review of the Global and Local Securities Markets in 2016	Jan 2017
RS Paper 59 - Half-yearly Review of the Global and Local Securities Markets	Jul 2016
RS Paper 58 - A Review of the Global and Local Securities Markets in 2015	Jan 2016
RS Paper 57 - Half-yearly Review of the Global and Local Securities Markets	Jul 2015
RS Paper 56 - A Review of the Global and Local Securities Markets in 2014	Jan 2015
RS Paper 55 - Half Yearly Review of the Global and Local Securities Markets	Jul 2014
RS Paper 54 - A review of the global and local securities markets in 2013	Jan 2014
RS Paper 53 - Half Yearly Review of the Global and Local Securities Markets	Jul 2013
RS Paper 52 - A review of the global and local securities markets in 2012	Jan 2013
RS Paper 51 - Half Yearly Review of the Global and Local Securities Markets	Jul 2012
RS Paper 50 - A review of the global and local securities markets in 2011	Jan 2012
RS Paper 49 - Half Yearly Review of the Global and Local Securities Markets	Jul 2011
RS Paper 48 - A review of the global and local securities markets in 2010	Jan 2011

Note: Views expressed in these research papers are the authors' and do not represent those of the SFC

Last update: 31 Jul 2025