The Hong Kong Stock Exchange (HKG).HK is the world's 6th largest stock exchange by market capitalization and the world's 7th largest by trading volume. It is located in Hong Kong. The Hong Kong Stock Exchange was founded in 1891 and is owned by Hong Kong Monetary Authority. It operates under a self-regulatory structure governed by the Securities and Futures Commission (SFC). The exchange is served by six subsidiaries: Hong Kong Exchanges and Clearing Limited, Hong Kong Securities Clearing Company Limited, Hong Kong Securities Clearing Company Limited (HK), Clearing Corporation Limited, Hong Kong Clearing Services Company Limited, and Hong Kong Securities Clearing Company Limited (China).The Hong Kong Stock Exchange has been the main stock exchange of Hong Kong since its inception. It is a market leader in Asia, and is the premier gateway for listing and trading emerging market companies from the Asian region. As of 31 October 2013, the market capitalization of the Main Board was HK$6.88 trillion, and that of the GEM was HK$1.37 trillion, while other boards' market capitalization stood at HK$1.01 trillion.The Hong Kong Stock Exchange is known for its competitiveness and pricing efficiency due to its active traders, who are widely recognized as some of the most sophisticated in the world. The Hong Kong Stock Exchange is often considered a bellwether of the economy due to its size, market capitalization and stable growth.The Hong Kong Stock Exchange is governed by a combination of a permit system, rules and a set of ethical guidelines for all listed companies, issued by the SFC which have to be met by companies, the Stock Exchange and the Stock Exchange of Hong Kong Limited. The SFC is an independent body corporate incorporated with limited liability under the Securities and Futures Ordinance (Cap. 571) and is responsible for administering the Securities and Futures Ordinance, together with subsidiary legislation.The SFC regulates all securities firms, financial intermediaries, professional intermediaries and licensed corporations that deal with securities or futures issues in Hong Kong. Established in 2001 and headquartered in Hong Kong, the HKEx is regulated by SEHK's Rules Committee, which is responsible for making and revising the Rules of the Exchange. The HKEx consists of four markets: Main Board, GEM, ACE and SESDAQ.
