(Yicai Global) Oct. 17 -- Some 17 securities traders have expressed an interest in joining the Shanghai-London Stock Connect program and taken part in systems tests at the Shanghai Stock Exchange.

Some of the country's biggest securities firms, including Citic, Guosen and Haitong, joined the tests, run by the Shanghai bourse and China Securities Depository and Clearing, to issue Chinese depository receipts for the London Stock Exchange, Shanghai Securities News reported.

The exchange published guidelines for securities firms looking to join the cross-border stock link, set to go live by year-end, on Oct. 12, and invited them to register with the SSE early this week. The companies that took part in the tests are expected to be the first companies able to sell Chinese shares via the stock connect program.

One listed securities trader applied to take part as soon as the guidelines were released, an executive who opted to remain anonymous said. The firm is now improving its systems based on those guidelines and conducting its own tests, he added, saying the SSE will inspect trading institutions and grant those who pass to trade via the Shanghai-London link.

The first London-listed companies to join the stock connect will likely be firms with strong fundamentals. Chinese investors will be keen to pick up their shares to divert from risk in the domestic market, so it will be crucial for institutions to ratchet down on risk control and compliance management.

The full list of firms that took part in the tests is below.