Exchanges in Asia are nervously eyeing a new trading link between Hong Kong and Shanghai, and mulling how to stay competitive on worries it will soak up funds from global money managers.

Amid already tepid trading volumes across the region, officials at exchanges in Asia are worried the Hong Kong-Shanghai link will leave less money for them if it proves successful and they don't take measures to keep up. The trial programme is due to launch in October and would create a combined market capitalisation of $5.5 trillion, according to data from the World Federation of Exchanges.