HKEX has set an indicative Q4 2027 cutover, and for the international institutions behind most of your turnover the working day compresses to T. NOVA CMX already settles T+1 in production, live with Hong Kong clients. Shortest go-live cycles, no upfront fee.
indicative HKEX cash-market T+1 cutover
of turnover from institutions that will run to a T+0 timeline
from technical specifications to launch
weeks go-live on NOVA CMX
Overnight batch, breaks discovered the next morning
Manual affirmation and spreadsheet reconciliation
CCASS shortfalls found too late to cover
Southbound, US and local flow on separate systems
Real-time validation at capture, no end-of-day dependency
Intraday reconciliation and automated exception handling
Predictive fail scoring ahead of the CCASS cut-off
One book of record across markets, currencies and entities
The consultation closed in May 2026 with broad market support, and technical specifications set a roughly 15-month runway to launch. Testing and simulation land well before that. On NOVA: T+1 is in production today, with T+2, T+1 and T+0 running side by side, so your programme is a configuration and testing exercise rather than a platform build.
USM launches with prescribed securities transitioning over five years, while your obligation to have securities in CCASS on time is unchanged and harder under T+1. On NOVA: holdings, transfers and registration status sit on one real-time position record, so shortfalls surface intraday, not at cut-off.
Nasdaq is targeting a 23-hour, five-day session with DTCC extending clearing to match, so a Hong Kong desk holding US lines loses its processing window entirely. On NOVA: continuous processing with corporate actions and cash applied as they arrive, no overnight batch to protect.
Licensed virtual-asset platforms and the stablecoin regime put tokenised and digital holdings under securities-grade custody, reporting and client-money expectations. On NOVA: tokenised instruments and crypto transfers settle on the same ledger as equities and bonds, with one audit trail across both.
The SFC circular on generative AI holds senior management responsible across the model lifecycle, and requires model-risk, data-security and third-party-provider controls. On NOVA: agentic exception triage and ML-assisted matching will run inside the rules engine with human review, versioned models and a full decision log, evidence for the regulator, not a black box.
95-98%
straight-through processing achieved
20-40%
TCO reduction via STP and vendor consolidation
25-50%
lower labour cost in reconciliation and exceptions
12-18mo
typical payback on targeted automation
01
Already live in production, including for T+1 markets today.
02
Breaks caught intraday, ahead of the CCASS deadline.
Southbound and US growth absorbed on unchanged headcount.
04
Reporting, AI decision logs and audit trail from the settlement record.
05
Zero upfront fee, modular go-live, no rip-and-replace.