Custody/clearing  
BNP Paribas Securities Services    
CHINA CONSTRUCTION BANK    
CITI    
DBS BANK    
DEUTSCHE BANK    
HSBC SECURITIES SERVICES    
 
 
HONG KONG - Capital Market Infrastructure Summary

Central Securities Depositories
Hong Kong Securities Clearing Company
Central Clearing And Settlement System (CCASS)
Central Monetary Unit (CMU)

BIS Model
Model 1
Model 3

Settlement Cycle
T+2 for Equities
varies for Bonds and Cash

Comment
For equities, the T+2 settlement cycle requires prepayment for cash to achieve T+2, otherwise the cash element occurs one day later. Exchange trades are settled in the Central Clearing And Settlement System (CCASS) either through a Continuous Net Settlement (CNS) system or as isolated trades. For CNS trades, Hong Kong Securities Clearing Company Limited (HKSCC) acts as central counterparty and is responsible for settlement to both parties to the trade. For isolated trades, HKSCC only facilitates the settlement between buyer and seller, with each bearing counterparty risk.


Key terms defined in our glossary:

Central Securities Depository
BIS Model 1
BIS Model 3
Settlement Cycle

 
The above information is written as a general guide only and is subject to change. Please refer to our 'Terms' page for more details.