Careful what you wish for. Hong Kong Exchanges & Clearing has wanted to expand its derivatives business for some time. The coronavirus outbreak has boosted securities trading overall — but it comes at a cost.

Futures trading volumes have gone through the roof. Volumes rose 46 per cent in March as traders tried to hedge extreme volatility in the equity markets. In early February, weekly Hang Seng index options trading volumes reached an all-time record. Iron ore futures and some currency futures also hit historical highs later in the month. Trading fees, where it gets half of its revenues, should stage a sharp rebound in the current quarter.

HKEX will not, however, be able to escape a slowing IPO market at home. Funds raised from listings are down more than a third this year. Both bankers and Chinese companies — the exchange’s biggest fundraising clients — have only recently restarted business after lockdowns.