HONG KONG (Reuters) - The chairman of the Hong Kong securities market regulator said on Monday the trading quotas that are in place for a landmark scheme connecting Hong Kong to the Shanghai stock exchange will be reviewed going forward.

"This is a pilot scheme and its success is sustainability. We will review the quota," Carlson Tong, Chairman of the Securities and Futures Commission (SFC) told reporters shortly after the scheme went live on Monday.

Purchases of mainland stocks are capped at 13 billion yuan (US$2.12 billion) a day and 300 billion yuan in total on a "first-come, first-served" basis. The limits for purchases of Hong Kong stocks are 10.5 billion yuan daily and 250 billion yuan overall. Market participants expect the quota to be lifted gradually.

By 0145 GMT, more than 50 per cent of the north bound quota was filled, according to Thomson Reuters data.