“Thanks to sustained investments in technology and robust infrastructure, Hong Kong’s banking community is well prepared for remote work and well placed to meet customers’ trading needs,” the statement said.

The bourse operator, Hong Kong Exchanges and Clearing (HKEX), will allow trading of stocks and derivatives to continue during typhoons and torrential rain starting from September 23, Chief Executive John Lee Ka-chiu announced on Tuesday.

The move will scrap the 70-year-old practice of halting trading on the stock and futures markets or shutting them entirely when the observatory issues a No 8 typhoon signal or black rainstorm alert.

HKEX will require all brokers to ensure their systems are ready to support their traders and staff members working from home during severe weather. They will also need to permit investors to trade online.

Katerine Kou, chairwoman of the Hong Kong Securities Association, said all stockbrokers in the coming months will need to talk to lenders about digital banking support and cheque clearing procedures.

“All of the about 1,000 bank branches will shut down during typhoons even when the stock and derivatives markets continue to trade under the new weather policy,” Kou said. “It is important for banks to ensure the internet banking and cheque settlement can be carried out smoothly.”

Banks will allocate resources to ensure continuous operation of internet banking and phone banking services during severe weather days, the HKAB spokesman said.

Banks will also be prepared for the new settlement arrangement for cheque payments, the spokesman added.

Under existing arrangements, no cheques are settled during the full day when a Typhoon No 8 signal or the Black Rainstorm alert is on, with all cheques deposited at banks on the working day before the typhoon only settled the day after the storm signals are lowered to No 3 or cancelled.

Under the new arrangements, the settlement of cheques collected before a severe weather day will not be interrupted, and they will be settled on the typhoon day when stock and futures markets are open.

“The new severe weather trading arrangements align Hong Kong’s trading mechanisms with global standards and enhance the overall competitiveness of Hong Kong financial markets,” the HKAB spokesman said.

“While internet banking and electronic platforms are popular channels for stock trading in Hong Kong, the new arrangement might encourage some customers to use more of these platforms.”

Wilson Chan Fung-cheung, associate director of City University’s master of ­business administration programme, said the new move would be important as part of Hong’s role as an international financial centre.

“Many international investors are trading in Hong Kong and would like to invest even on the typhoon day. Hong Kong’s banking sector needs to support such a change,” he said.

“The change will also enhance cheque payments and other electronic payment systems in Hong Kong, which in turn will enhance Hong Kong’s status as an international financial centre.”

Chan, who was a forex trader for three decades before becoming an academic, said many staff at foreign currency trading units are used to working around the clock shifts and during typhoons.

“The lenders should have no difficulties in arranging their system and staff to support the new weather rule.”