DCASS - Frequently Asked Questions 
29/09/2017 
 

 


General

Q1: What is DCASS?


A:


DCASS stands for Derivatives Clearing And Settlement System which serves as a single clearing and settlement system for both the HKFE Clearing Corporation Limited (HKCC) and The SEHK Options Clearing House Limited (SEOCH). DCASS was launched since April 2004 and has been upgraded to Genium INET Platform in October 2013.

DCASS shares the same platform and infrastructure with the derivatives trading system, HKATS.  HKATS and DCASS form the integrated trading and clearing system for the derivatives markets of HKEX.

Q2: What are the DCASS Access Fees?

A:


Each DCASS connection (either via DCASS Terminal or OAPI application) is subject to a DCASS sub-license fee, as follows:
 

(i)

via Participant’s Network Gateways

HK$1,750 per month per DCASS connection

(ii)

via HKEX’s Central Gateways

HK$2,600 per month per DCASS connection

Note:

For DCASS connection via Network Gateways, each Network Gateway will be subject to a one time installation cost of HK$8,500 and a monthly recur47

ring cost of HK$3,000.

Moreover, regarding the monthly recurring service cost for the telecommunication lines, please refer to the contact details of the Accredited Vendors at HKEX website.

DCASS Connection

Q3:

What is DCASS Server?


A:


DCASS Server is a machine that is installed with server application and MUST be located in Hong Kong.  It is connected to DCASS Host via the dedicated telecommunication lines (SDNet).

A DCASS Server can also serve as a DCASS Terminal.

Q4: What is DCASS Terminal?

A:

Participants can access DCASS through the DCASS Terminal which is designed to support Participant with low to medium clearing volume as it facilitates manual input of post trade activities.  DCASS Terminal is connected through DCASS Server via Participants’ Network Gateways or HKEX’s Central Gateways.

Q5:

What is DCASS OMnet Application Programme Interface (OAPI) Application?

A:

Instead of terminal input via DCASS Terminal, Participant with high clearing volume can opt to connect to its back office system directly to DCASS via Participant’s own OAPI application, to achieve straight through clearing process.

Q6:

Are there any restrictions on the number of DCASS Terminals to be installed and connected to a DCASS Server?

A:

There is no restriction on the number of DCASS Terminals to be installed in a Participant's office.  However, there is a restriction of five concurrent login of DCASS Terminal users.

Q7:


What type of gateway which Participants can connect their DCASS Servers and OAPI applications with DCASS Host?

A:

Participants can connect to DCASS through Participants’ Network Gateways (NGs) or HKEX’s Central Gateways (CGs).  The remote NGs are installed in the Participants’ premises as a dedicated device, while CGs are located at HKEX’s premises.
Q8: What are the differences of having DCASS connection via Participants’ NGs and HKEX’s CG?

A:


Connection via HKEX’s CG

By using CG, Participants may be able to reduce the setup and the maintenance cost of NG hardware to be housed in their offices.  In case of failure of HKEX’s CG, HKEX can arrange contingency gateway for Participants shortly in order to mitigate the disruption to Participants’ normal operations.  Besides, any future enhancement of CG is at HKEX’s own cost.

Connection via Participants’ NGs

If Participants opt to choose NGs for DCASS connection, they have to bear the acquisition cost of NG and the on-going maintenance.  In case of failure of Participants’ NGs, Participants have to seek support from their vendors and can also request for the use of HKEX’s contingency gateway which is subject to charge.  Lastly, as a transitional arrangement, HKEX will support DCASS connection via NGs until 2017, tentatively.

The maximum number of connections (HKATS + DCASS) to each HKATS Network Gateway (NG) is 10. Participant can install any number of DCASS Server to a HKATS NG provided the total number of HKATS and DCASS connections does not exceed 10 and there is sufficient bandwidth of SDNet/2.

Another alternative is to install a dedicated NG for DCASS, which can be connected to a maximum of 10 DCASS Servers and OAPI applications provided that there is sufficient bandwidth of SDNet/2.

A pair of 3Mbps SDNet/2 lines is optimal for supporting 1 DCASS Server plus up to 3 non-report download related OAPI applications.  Please note that Clearing Houses have the absolute discretion to terminate the Participant’s connection with DCASS if the minimum SDNet/2 bandwidth requirement is not fulfilled.

Q9: Should Participant power off the DCASS Server before leaving the office?

A:


Participant should not power off any DCASS Servers on a daily basis.  If the DCASS Server is powered off, Participants will not be able to receive day end DCASS reports transmitted from DCASS Host promptly.

Participant should logout from DCASS Terminals before they leave the office and keep the DCASS Servers remain "POWER ON".  DCASS Servers should only be powered off and rebooted during weekends and public holidays. 

Q10: Should Participant perform any housekeeping tasks to the DCASS Server?

A:

Participants are advised to:
(i) 

Reboot of DCASS Server at least on a weekly basis, preferably during weekend.  Please refer to Section 1.6.5.1 of DCASS Terminal User Guide for details

(ii) 

Monitoring of DCASS Server database size usage on a regular basis, to ensure normal database size and smooth operations.  Please refer to Section 1.6.5.2 of DCASS Terminal User Guide for details

Synchronise the PC clock of the DCASS Server with the
Hong Kong Observatory at least on a monthly basis

(iii)  Ensure the defaulted housekeeping job can run on the DCASS Server as scheduled.
Q11 What should Participant do if the DCASS Server is accidentally disconnected?

A:

Participant should contact the Clearing Houses at 2211-6932 immediately for assistance and advice.
Q12: What should Participants do if they want to install/ relocate/ re-install/ terminate DCASS Server/ Terminal?

A:

Participants should submit Application Form for DCASS / CCMS Terminal to the Clearing Houses for the above actions. They could contact the DCASS Hotline at 2979-7222 for details and related costs. For information of the DCASS connection, ple
ase refer to Questions 3 to 8 of this FAQ.
Q13: Can Participant install the DCASS Terminals in their overseas branch offices?

A:

Participants can install DCASS Terminals in their overseas branch office, provided that (i) they have obtained HKEX’s approval for remote clearing operations; and (ii) they can arrange connection between their Hong Kong and overseas offices.  Participants should note that HKEX would not provide any support for the DCASS Terminals installed in their overseas offices and Participants need to perform their own DCASS Terminals commissioning.
Clearing Processing Schedules and Operations
Q14: When can Participants perform post-trade activities like give-up, take-up, trade rectification, etc. via DCASS?

A:


Participants can start to perform post-trade activities input from 7:30 a.m. to 6:45 p.m. for major markets. Post-trade activities for Stock Index Futures and RMB Currency Futures will be available till 12:30 a.m. on next calendar day, while post-trade activities for London Metal Mini Futures will be available till 1:45 a.m. on next calendar day.  If the input is performed outside the stipulated time period, an error message "Illegal transaction time" will be prompted in the DCASS Terminal.

DCASS online for T Session will be closed at 6:45 p.m. on each business day, including the expiry day of options and the last trading day of futures.  Participants should ensure that they have completed their inputs before the stipulated cutoff time.

Moreover, Participants are strongly encouraged to complete their daily post-trade activities 30 minutes before 6:45 p.m.  The remaining 30 minutes to 6:45 p.m. should be treated as the Emergency Buffer for post-trade input.

For details of the DCASS operation timeline, please refer to 1.3 of the DCASS Terminal User Guide.

Q15: What should Participants do if they expect that they could not complete their post-trade activities for T Session before the System Input Cutoff Time (i.e. 6:45 p.m.)?

A:


If a Participant expects that it cannot meet the System Input Cutoff time of 6:45 p.m., he should contact the Clearing House at 2211-6932 as soon as possible.  Participant should complete and submit the duly authorized on-behalf input request forms to the Clearing Houses before 6:45 p.m.  The Clearing Houses would perform the input on the Participant's behalf on a best effort basis, depending on the resources available at the time.  The Clearing Houses will not accept any on-behalf input request forms submitted after the deadline of 6:45 p.m.

On-behalf input will be subject to a charge as stipulated in the Rules and Procedures of the Clearing Houses. Processing charge for on-behalf input is $50 per transaction with a minimum charge of $500 per day.

Q16: Where can Participants find the operational forms?

A:

The operational forms can be found at
HKEX website. For the specimen of commonly used Operational Forms for HKCC and SEOCH, please refer to Appendix 4 of the DCASS Terminal User Guide (A4.2 and A4.3).
Q17: What is the transmission schedule of Exercised Options Trades (EOTs) from SEOCH to CCASS resulting from exercise and assignment of stock options?

A:

The EOTs will be transmitted to CCASS on the date of exercise and assignment.  SEOCH will not include these EOTs in calculation of margin on the date of exercise and assignment.  Instead, CCASS will include those EOTs in the Provisional Clearing Statement and in the calculation of Marks, Margin and Concentration Collateral on the date when the EOTs are received from SEOCH.  For those SEOCH Participants selected for SEOCH to collect and pay Marks, Margin and Concentration Collateral of EOT pending stock positions, SEOCH will effect a transfer on T+1 day for the amount demanded by HKSCC from the SEOCH Participant’s designated House CCMS Collateral Account to HKSCC’s CCMS Collateral Account.
Q18: What are the requirements for trade adjustments in respect of Block Trade?

A:


For SEOCH Participant, trade adjustments in respect of a Block Trade shall be submitted by SEOCH Participants at any time 30 minutes prior to the System Input Cutoff Time on the same Business Day or 30 minutes prior to the System Input Cutoff Time on the next Business Day.  For details, please refer to
SEOCH Procedures section 5.4.5.

For HKCC Participant, for Block Trades executed during the T Session on a Business Day, trade adjustment request may be submitted at any time 30 minutes prior to the System Input Cutoff Time on the same Business Day or 30 minutes prior to the System Input Cutoff Time on the next Business Day.  For Block Trades executed during the T+1 Session on a Business Day, trade adjustment requests may be submitted at any time 30 minutes prior to the T+1 Session Cutoff Time on the same Business Day or 30 minutes prior to the System Input Cutoff Time on the next Business Day.  For details, please refer to HKCC Procedures section 1.4.1.

Q19: How many account types are there in DCASS?

A:


There are a total of 8 account types in DCASS for trade and position maintenance:

House Account

Client Offset Claim Account

Market Maker Account

Daily Account

Omnibus Client Account

Sink Account

Individual Client Account

APT Account

The details of each account type can be found in chapter 1 of the HKCC Procedures, chapter 1 of the SEOCH Procedures and chapter 2 of the DCASS Terminal User Guide.

Q20: What is the use of DCASS Individual Client Account?

A:

Upon the requests of Participants, Clearing Houses may in its absolute discretion establish and maintain one or more Individual Client Accounts for the Participants. The Individual Client Account is for the recording of trades and positions of each individual client of a Participant.  Positions are maintained and margined on a NET basis in an Individual Client Account.  Participants should ensure that all positions maintained in an Individual Client Account belong to one client only, and such trades and positions are not held by a client operating an Omnibus Account.
Q21: What is the use of DCASS Client Offset Claim Account ("COCA")?

A:

Each HKCC Participant will have one COCA.  Upon the requests of HKCC Participants, Clearing House may in its absolute discretion establish and maintain more than one COCA for the HKCC Participants.  COCA is for the recording of positions of individual clients of an HKCC Participant which are of an offset nature.  The offset criteria can be found in
chapter 2 of the HKCC Procedures.  Positions in each portfolio for offset claim must belong to the same client.  Positions in COCA are maintained on a GROSS basis, but margined on a NET basis.  HKCC Participants should ensure that all positions maintained in COCA for margin offset can be reconciled with their internal records.

Upon the request of SEOCH Participants, HKEX may in its absolute discretion establish one COCA.  Positions in COCA are maintained on a GROSS basis, but margined on a NET basis.  SEOCH Participants should ensure that all positions maintained in COCA for margin offset can be reconciled with their internal records.  Margin offset through COCA must be claimed in pairs of client positions and only the position pairs fulfilling ALL the following conditions are eligible:

(i)

The pair of positions is in the Omnibus Client Account;

(ii)

The pair of positions belongs to the same beneficial owner; and

(iii)

The positions forming the pair are one short put and one uncovered short call positions sharing the same underlying

Q22: What is the use of DCASS Daily Account?

A:

The DCASS Daily Account serves as an intermediary account to which trades can be transferred on a temporary basis for average price trade calculation or other purposes.

Positions recorded in the DCASS Daily Account are maintained on a GROSS basis during the day.  Any positions for T Session remained in the DCASS Daily Account after the Input Cutoff Time of 6:45 p.m. will be automatically transferred to the Sink Account of the Participant.
Q23: How can Participants obtain trade detail information?

A:


Participants can check real-time trade details via the "Trade History" Window.  A "Cross Trade" will have the deal source "EMP1br".

If Participants would like to see only the trades of Stock Options market, they can make use of the "Markets" Window to filter the trades.

On the other hand, Participants can also refer to the DCASS reports "TP001 Position Details" and "TP003 Position Movement Details".
Q24: How can Participants obtain position information?

A:

Participants can enquire position balance via the "Account Position Window".  Participants can also refer to the DCASS reports "TP001 Position Details" and "TP002 Position Summary".
Q25: How should Participants do if they have net down positions wrongly?

A:

If Participants net down a position wrongly, they CANNOT reverse or re-open the positions themselves via the DCASS Terminals or DCASS OAPI applications.  They have to complete stipulated request forms (HKCC:
Form 6; SEOCH: Form A6) and submit to the Clearing Houses for on-behalf adjustment before System Input Cutoff Time of 6:45 p.m. within 5 business days after the closing of the position.
Q26: How would the cross product position netting between different series (i.e. standard vs mini series or standard vs Flexible Option series) be handled?

A:


Currently, cross product position netting available in HKCC applies to positions between

(i)

HSI options/futures and Mini-HSI options/futures,

(ii)

HSCEI options/futures and Mini-HSCEI options/futures, and

(iii)

Standard and Flexible Options.

For (i) and (ii), Participants can use the Cross Product Netting function in the "Account Position Window" of DCASS Terminal to input position closing request for both auto-netting and non auto-netting accounts. Nevertheless, off-settable positions in auto-netting accounts will be automatically closed out during AB process.

For (iii), participants should submit Form 4 “On-Behalf Internal Position Adjustment Request Form” to HKCC for the position closing request for all accounts.  Off-settable positions in auto-netting accounts WILL NOT be automatically closed out during AB process.

Q27: How can Participants perform a trade give-up or take-up in DCASS?

A:


Giving-up Participants can use the "Give Up Window" to perform trade give-ups, and to check or reject (if any mistakes are made) their give-up requests via the "Holding Give Up" Window.  Participants can give up T day trades and T-1 day trades via the DCASS Terminals.

Taking-up Participants can use the "Holding Give Up" Window to either take up or reject the trade give-up requests via the DCASS Terminals.

A trade is successfully transferred provided that the give-up party has submitted the give-up successfully and the take-up party has confirmed the take-up successfully.  If there are any give-up requests in holding state (i.e. not confirmed the give-up trades) after the System Input Cutoff Time of 6:45 p.m., these requests will be automatically rejected and the relevant trades will remain with the give-up participants in the batch process.

Q28: How can Participants transfer trades out of the "Sink Account"?

A:

Any trades remained in the Daily Account "DA" as at the day-end will be automatically transferred to the Sink Account during the DCASS day-end batch process.  Participants are required to move out those trades from the Sink Account before the System Input Cutoff Time of the next business day.  A Participant can use the "Rectify Trade" function to moves out these trades to other correct account(s) within itself or give-up them to other Participants. 
Q29: What is the rounding mechanism when performing "Average Price Trade" (APT) transaction?

A:

In calculating the average price of those trades included for an APT, normal rounding will be applied.  Any difference arising from the rounding mechanism will remain in the APT Account of the Participant.  An APT trade can be combined with other trades to form another new APT trade.
Q30: When will the settlement fee and exercise/assignment fee be charged?

A:


For HKCC, the settlement fee will be charged on any unclosed spot month futures contracts on its last trading day.

For HKCC, the exercise fee will be charged on any exercised options and the assignment.  However, for SEOCH, only exercise fee will be charged on any exercised options.
Q31: Where can Participants locate the Clearing House Rules fee schedules?

A:


For HKCC Participants, the fees and costs applicable are listed in
Appendix A to HKCC Rules.

For SEOCH Participants, the fees and costs applicable are listed in Appendix G to the Operational Clearing Procedures for Options Trading Exchange Participants of SEOCH.

Common Collateral Management System (CCMS)

Q32: How can Participants check all collateral balances and transaction records?

A:

Participants can check the details of all collateral balances and transactions via the on-line functions "Enquire Collateral Account Balance" and "Enquire Collateral Account Movement" respectively.  The CCMS day end report "Statement of Collateral Account" (CCMDS01) also contains relevant information.  In addition to balances of both cash and non-cash collateral in general, "Contract Currency On-hold" is also shown to reflect the cash amount being held for covering margin liability and therefore is not available for withdrawal.
Q33: How money settlement is handled by CCMS and what are "Outstanding Debit Amount" and "Shortfall Amount"?

A:

For any item receivable from Participants (e.g. cash deposit, margin, variation adjustment (VA) collection, etc), a Direct Debit Instruction (DDI) will be generated and sent to the relevant Settlement Bank or Designated Bank of the Participant for money settlement.

For any item payable to Participants (e.g. cash withdrawal, VA release, etc), a Direct Credit Instruction (DCI) will be generated and sent to the relevant Settlement Bank of the Clearing House to effect payment to the Participant's bank account.

"Outstanding Debit Amount" and "Margin Shortfall Amount" refer to negative cash amounts generated due to fees/VA and margin obligations respectively.
Q34: What is the cutoff time for withdrawal of surplus funds?

A:

Participants should input and authorize their withdrawal instructions via CCMS at or before 11:00 a.m.
Q35: Can Participants transfer the cash collateral between their Collateral Accounts?

A:

Participants can use the CCMS function "Maintain Cash Collateral A/C Transfer" to transfer cash collateral from their House or Market Maker Collateral Accounts to Client Collateral Accounts.  However, transfer of cash collateral from the Client Collateral Account to other Collateral Accounts via the on-line CCMS "Collateral A/C Transfer" function is NOT allowed.
Q36: Why the cash balance before posting not always the same as the last day ending cash balance as shown in the "Posting / Collateralisation Result Report" (CCMPY02)?

A:

Normally the total cash balance before posting, which consists of "General Cash Collateral" and "Contract Currency On-hold" amounts, is the same as that of the last day ending unless there are movements during the day, such as intra-day margin call, cash deposit and withdrawal, etc.
Q37: Why do different collateralisation batches appear twice for the same account in the "Posting / Collateralisation Result Report" (CCMPY02)?

A:

In the event that an intra-day re-calculation of margin requirements and collateralisation are triggered during the day without actual call for payment by the Clearing House for its internal purposes (i.e. no "Posting/Collateralisation Result Report" (CCMPY01) is generated), the collateralisation results will be shown in the subsequent payment report (it may be the next IDM CCMPY01 report or day-end CCMPY02 report).

For this earlier collateralisation batch, an indicator "*" will be shown on the 132nd column in the report, meaning that the extra collateralisation information is not the most up-to-date collateralisation information.

For the last collateralisation batch, i.e. the latest collateralisation batch shown on the CCMPY01/ CCMPY02 report, this indicator will not be shown on the 132nd column.  The same indicator will also be shown in CCMPY01 (Daily Intra-day Assessment) report when a participant account is not subject to HKCC Daily Intra-day Risk Assessment VA call during this collateralization. 
Q38: How much interest will be received by Clearing Participants on the cash margin deposits and when will it be received?

A:

Interests will be rebated to Clearing Participants on the cash margin deposits at the prevailing bank saving deposit rate.  In determining the prevailing bank savings deposit rate for HK dollar cash margin deposit, reference will be made to the Capital Preservation Fund rate as from time to time published by the Mandatory Provident Fund Schemes Authority, which is equivalent to the simple average deposit saving rates for deposit amount HKD 120,000 of three notes-issuing banks in Hong Kong.  Similar basis is applied to other eligible currencies.  However, Participants will be charged with negative interest if the bank saving deposit rate is negative.  The interest will be calculated daily and rebated on the first business day of the next month.
Q39: What kinds of cash and non-cash collaterals are accepted for satisfying margin requirements? Is there any priority of usage and haircut?

A:

Please refer to the below link for the details of cash and non-cash collaterals accepted by HKCC and SEOCH for satisfying margin requirements: 
Collaterals Accepted For Margin Coverage.
Q40: How do participants deposit or withdraw cash in approved currency other than settlement currency with the Clearing Houses?

A:

Any Participant wishing to deposit or withdraw cash collateral in approved currency other than settlement currency shall notify the Clearing House in writing or by other means acceptable to Clearing House by 11:00 a.m. on any bank business day.  Only after the receipt of the relevant currencies has been confirmed by its settlement banks would Clearing House accept the relevant currencies as cover for the margin requirements.

Normally, the value date for the release of surplus in cash collateral in approved currency other than settlement currency will be the next bank business day after the date on which the withdrawal request is accepted, except Japanese Yen where the value date will be the second next bank business day.

The exchange rates for valuation of cash collateral in approved currency other than settlement currency will normally be determined with reference to the rates published on Reuters pages as at 4:00 p.m. of a business day.  Participants will be required to reimburse any incidental costs and charges in respect of the delivery of collateral.
Q41: What are the accommodation charges on non-cash collateral deposit?

A:

The current accommodation charges levied by HKCC and SEOCH are 0.5% per annum on utilized non-cash collateral.

For example, a SEOCH participant utilized a non-cash collateral of amount HKD10,000,000 for one day, the accommodation charge will be HKD10,000,000*0.5%*1/365 = HKD136.99.
Q42: How can SEOCH Participants transfer stocks between their CCASS and CCMS Collateral Accounts?

A:

Transfer of stocks from CCASS to CCMS Collateral Accounts should be performed by the SEOCH Participants' cash arms (i.e. their respective HKSCC Participants) via the function "Add CCASS-TO-CCMS Stock Transfer".  To do it vice versa, SEOCH Participants can use the CCMS function "Add CCMS-TO-CCASS Stock Transfer".
Q43: When can SEOCH Participants transfer the de-covered stock back to CCASS?

A:

De-covered stocks will be held as "To-be-released" balance after de-cover requests are successfully executed.  After the confirmation of money settlement in the morning of the next business day, the de-covered stocks will be released from the "To-be-released" balance to the general collateral balance.  SEOCH Participants can then transfer those stocks from their CCMS Collateral Accounts back to CCASS under the Collateral Accounts of their respective HKSCC Participants.
Q44: How would CCMS handle those corporate actions that affect the stocks transferred to the SEOCH Participants' Collateral Accounts from CCASS?

A:

Any corporate actions will be handled by CCASS with the SEOCH Participants' cash arms (i.e. their respective HKSCC Participants).  For example, after taking snapshot for dividend entitlement, the dividend will be directly credited to the respective HKSCC Participant's CCASS ledger "02" at the payable day by CCASS.
Q45: Apart from initial contribution, when are Clearing Participants required to make additional contribution to Reserve Funds?

A:

In addition to making initial contribution to the Reserve Fund, HKCC and SEOCH may also require each Participant to make variable contributions.  HKCC and SEOCH will assess the adequacy of the Reserve Funds on the 1st business day of every month to determine whether any variable contribution will be required.  Apart from the regular monthly assessments, ad hoc re-calculation of the variable contributions will be made and demanded from time to time if HKCC or SEOCH considers necessary.
Q46: What are the means of contribution to Reserve Funds?

A:


Means of contribution are set out below:
 

Initial Contribution

Additional/Variable Contribution

Cash in HKD

Cash in HKD, Exchange Fund Bills and Notes

Q47: How is Reserve Fund contribution collected from / released to Clearing Participants?

A:

Participants will be notified about Reserve Fund contribution / release by checking Clearing Houses' circulars.  The details regarding the individual contribution requirement can be found from the report RP008 - HKCC Participant Additional Deposits (for HKCC Participants) or SEOCH Reserve Fund Contribution Notice (for SEOCH Participants) distributed through the DCASS Terminal.

HKCC/SEOCH Participant's additional contribution to the Reserve Fund is debited from the Participant's House bank account via the direct debit instruction by 4:00 pm on the 1st business day after the distribution of the clearing report (RP008).  Any surplus of HKCC/SEOCH Participant's Reserve Fund contribution will be credited to its registered bank account via the direct credit instruction on the same date.
Reports and Data Files
Q48: Where can Participants obtain the details of DCASS and CCMS reports?

A:

The report details of the DCASS and CCMS can be found in the respective
Terminal User Guides.

For the layout of Series Greeks Interface File, it is also available in the HKEX website.  The file will be generated on every trading day and available for downloaded from the HKEX website.
Q49: Where can Participants locate their DCASS reports?

A:

When DCASS reports (including trades and positions for T Session today, and T+1 Session of previous business day) are available, they will be automatically downloaded to the Participants’ DCASS Servers provided that their DCASS Servers are connected to DCASS Host.  All DCASS reports will be stored under the directory “C:\Users\Public\NASDAQ OMX\CW1\40662\Reports\1” of the DCASS Server.

All DCASS reports, except Risk Parameter File, are in text format and Participants can view and print these reports directly via the DCASS Terminals.
Q50: Can Participants still be able to retrieve DCASS reports if their DCASS Servers are powered off overnight?

A:

Participants should power on their DCASS Servers in the next business day morning.  Once their DCASS Servers are switched on, the overnight reports will be downloaded to their DCASS Servers automatically.  Except for the Risk Parameter File (RPF), Participants can manually retrieve the reports before 6:45 p.m. in case that their DCASS Servers are powered off overnight.  After 6:45 p.m., the reports will be removed from the DCASS host and not be available for download.  For the RPF, Participants can retrieve them via DCASS Terminals before 8:30 a.m. on the next business day or download it from
HKEX website.

If Participants cannot restart their DCASS Servers or retrieve all their DCASS reports, they can submit request forms to the Clearing Houses for copies of the required reports in printed and/or soft forms.  Clearing Houses will charge a fee for handling of those requests as stipulated in the Clearing House Procedures (currently at $5 per page up to $1,000 per report or per diskette).
Q51: How long will the downloaded DCASS reports being kept in the DCASS Servers?

A:

Once downloaded, the DCASS reports will be kept in the DCASS Servers for 10 calendar days. Participants are encouraged to backup their DCASS reports from the DCASS Servers if they would like to keep the reports for more than 10 calendar days.
Q52: Where can Participants locate their CCMS reports?

A:

Participants can check the availability of, print, view or download their CCMS reports from the "Report Download" function via CCMS Terminals.  Alternatively, Participants can print or download the CCMS reports, under an unattended mode, by logging onto the “Overnight Report Distribution” function via CCMS Terminals after they completed their CCMS operations for the day.
Q53: How long would CCMS reports be available via CCMS Terminals?

A:

Participants can retrieve 3 business days, including current day, of CCMS reports via CCMS Terminals.
Q54: Will separate sets of DCASS and CCMS reports being provided on Clearing House basis, i.e. HKCC and SEOCH?

A:

Yes.  For both DCASS and CCMS reports, a separate set of reports will be generated for HKCC and SEOCH.
Q55: How do Participants update Clearing Houses for change of authorised signatories and contact details?

A:

All request forms submitted by Participants to the Clearing Houses have to be properly authorized with signatures of appropriate personnel.  Request forms which do not bear authorised signatures will not be processed by the Clearing Houses.

Participants should notify the Clearing Houses of any updates of their authorised signatories by submitting a “Change of Authorised Signatories Form” and prescribed supporting documents.

Moreover, Participants are required to provide the contact details (including mobile phone number and email) of their staff who are responsible for DCASS operations, CCMS / Intraday Margin Call and IT matters.  Participants are requested to notify Clearing Houses for any change of contact details by submitting a “Change of Company Particulars and Contact Persons Form”.

Participants are required to ensure their contact details are up-to-date so that Participants can be reached by Clearing Houses in case of emergencies.

Participants can contact the DCASS Hotline at 2979-7222 for details.
Q56: What is the security measure for Participants to access DCASS?

A:

Each DCASS Server has a unique pair of logon User ID and Password to access DCASS Host.  The User ID is assigned by Clearing Houses and cannot be changed by Participants.  If Participants have applied for DCASS Administration Account (“Admin Account”), they can reset the Password of DCASS Servers.

For access via DCASS Terminals, 2 Terminal User IDs with full access to all available functions will be set up for each Participant.  Participants can manage their own user access profiles and reset passwords for their DCASS Terminal Users via the Admin Account.  A total of 10 preset access profiles are available and details of each access profile can be found in chapter 8 of the DCASS Terminal User Guide.

Q57: What is the security measure for Participants to access CCMS?

A:


Participants should access CCMS via SmartCards.  Participants carrying different participantship at Clearing Houses should apply for separate sets of SmartCards from the respective Clearing Houses.

Furthermore, Participants should appoint their own Delegated Administrators (DAs) to manage the basic security profile of their own CCMS users.  DAs can access CCMS's security management functions using their DA smartcards at https://www.ccass.com/dms.  Please refer to the CCMS Terminal User Guide for details.

 

Typhoon and Black Rainstorm

Q58: What are the clearing and settlement arrangements during Typhoon Signal No. 8 (or above) / Black Rainstorm Warning?

A:

Please refer to “
Arrangement for Clearing and Settlement Services” at HKEX website.
 

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