Hong Kong delayed morning trading of the city’s $5.2 trillion stock market because of typhoon Talim.

The pre-opening session of Hong Kong securities market has been canceled and the morning session will be delayed, according to a Hong Kong Exchanges & Clearings Ltd. statement. The China Connect Northbound trading will also be delayed.

The city’s observatory hoisted the No. 8 signal — its third-highest warning on a scale of five — at 12:40 AM Monday, and it will remain in force before noon, it said in a statement.

The financial hub scraps morning trading of stocks, bonds and derivatives if Signal No. 8 or above is in force at 9 AM and cancels afternoon session if the signal isn’t lowered to No. 3 or below by noon. Also, schools are canceled, businesses are urged to exercise caution and public transportation may be affected.

Typhoon Talim will skirt within 300 kilometers to the south-southwest of Hong Kong this morning, according to the observatory.

The city will explore arrangements to allow stock trading under severe weather, Financial Secretary Paul Chan said earlier this year. HKEX will study a series of proposals on the optimization of its trading mechanism, including “arrangements for maintaining operation for the market under inclement weathers,” Chan said in his budget speech in February.

The city’s rail operator MTR Corp. said rail service is operating at limited frequencies.

Here are the various storm warning signals in Hong Kong:

No. 1: A typhoon is centered within 800 kilometers (497 miles) of Hong Kong)

No. 3: Strong wind is blowing or expected. Businesses operate as usual

No. 8 (One in force): Gale or storm winds. Sustained winds of 63-117 kmph and gusts may exceed 180 kmph. Schools close. Markets shut if signal is up during trading hours. Public transport may be affected.

No. 9: Gale or storm is strengthening or expected to strengthen significantly. Markets, schools shut, as will many businesses. Limited public transport options.

No. 10: Hurricane. Sustained winds of at least 118 kmph and gusts that may exceed 220 kmph. Markets, businesses, schools shut. Very limited public transport options.