The Hong Kong Stock and Futures Exchanges a€“ Law and Microstructure is the first book designed to provide readers with a legal, regulatory and operational insight into the mechanisms for securities trading in Hong Kong. This book opens the a€œblack boxa€ by providing detailed and comprehensive analyses not only of the licensing of exchanges and broker-dealers, but also of the processes and mechanisms for trading, clearing and settling transactions in stock, options, and futures. Further, it benchmarks the state of the Hong Kong market against international regulatory standards and developments in international securities markets. The text also explains the exciting technical and international transformation of the Hong Kong exchanges in recent years and proposes a model for the eventual integration of the Hong Kong securities market into the securities markets of mainland China