The chief executive of the Hong Kong Monetary Authority (HKMA), Eddie Yue, on Monday urged banks to be prepared to operate during severe weather conditions.

Yue told reporters that Hong Kong Exchanges and Clearing (HKEX) is making progress towards ensuring local stock and derivatives markets can still function during adverse weather.

“Hong Kong Exchanges is now finalising the arrangement and we have asked the banks to make sure that they get prepared, so that whatever the final arrangement is they will be able to support it and we have asked them to make early preparations for example on if there should be any system change,” he said.

Yue's remarks follow the completion of a public consultation exercise by HKEX in January on ending stock market closures during severe weather events.

Separately, Yue said the HKMA will host the third Global Financial Leaders' Investment Summit from November 18 to 20, adding that around 50 to 60 people have confirmed their attendance.

The HKMA chief said he hopes the summit will attract prominent business figures to Hong Kong and will strengthen the city’s position as an international financial hub.