(Bloomberg) -- A typhoon is brewing over Hong Kong but for the first time in decades, it’s business as usual for the city’s $5.4 trillion stock market.

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Traders, brokers and money managers clocked in on Thursday morning as the financial hub ended a long-standing practice of shutting its markets during severe weather, in a bid to keep up with its rivals. Authorities had issued a so-called Typhoon Signal 8, the third highest, on Wednesday as tropical storm Toraji edged closer, and lowered the alert the following day.

As the trading session got underway, brokerages processed buy and sell orders, while asset managers pored over their spreadsheets to map out the next investment strategy. There were no reports of glitches, although equity trading volumes were 15% lower than the 20-day average.

“To start trading through typhoon today is a historic moment for Hong Kong,” said Edmond Hui, chief executive officer of Bright Smart Securities. “The initiative per se will not boost trading instantly but rather it’s to keep our policy in line with other global markets and remain competitive.”

The move to keep markets open even during severe weather is part of a government push to follow major financial hubs that have scrapped similar rules. The practice of halting trading was seen as being increasingly out of date after the pandemic years showed markets could function even as most workers were stuck at home.

Since 2018, Hong Kong’s markets have been shut on 11 occasions due to poor weather, including four sessions in 2023, the government said in June.

Hong Kong has ramped up efforts to boost its status as an Asian financial hub and revive its initial public offering market, which has been in a slump for more than two years. IPOs in the city have raised about $9 billion this year, a significant jump from $5.6 billion in 2023, which was the lowest since 2001.

A smooth trading session during severe weather conditions may help reinforce Hong Kong’s lead as a major financial center, and boost its stock market. The city’s benchmark Hang Seng Index has climbed about 15% this year, trailing a gauge of global peers which is up 17%.

“Things are going smoothly but it’s less efficient than normal trading days at the office as many brokerage staff need to rely on their small monitors at home to check pricing,” said Thomas Ip, executive director at Gaoyu Securities. “We have advised our clients to rely more on our electronic apps instead of trading desks today for simple executions.”