Amendments relating to the renaming of Financial Reporting Council to Accounting and Financial Reporting Council (effective from 22 November 2023) (Marked-up version of amendments attached for information) Amendments relating to the renaming by Hong Kong Securities Clearing Company Limited of the “General Rules of CCASS” and the “CCASS Operational Procedures” to the “General Rules of HKSCC” and the “HKSCC Operational Procedures” respectively (effective from 22 November 2023) (Marked-up version of amendments attached for information)
Amendments for the purpose of facilitating the replacement of smart card with two-factor authentication in accessing CCMS by Clearing Participants (effective date from 12 June 2023) (Marked-up version of amendments attached for information)
Amendments for the purpose of implementing changes to the membership composition of the Participant Admission Appeals Committee of SEOCH (effective date from 13 May 2022) (Marked-up version of amendments attached for information)
Amendments for the purpose of including in the Procedures references to the new FRC Transaction Levy, which will come into effect on 1 January 2022 under the Financial Reporting Council Ordinance (Cap. 588) (effective date from 1 January 2022) (Marked-up version of amendments attached for information)
Amendments for the purposes of (i) introducing DCASS functions for position adjustments and transfers to be done electronically through DCASS, (ii) effecting some housekeeping amendments to provide a means of electronic communications with SEOCH (effective date from 13 September 2021) (Marked-up version of amendments attached for information)
Amendments for the purposes of (i) removing excess collateral in performing credit and liquidity stress testing for SEOCH, (ii) raising the collection buffer for reserve fund ("RF") collection from 10% to 15% for all instances of RF resizing and (iii) realigning the condition to waive ad hoc RF collection for the last four business days of each month to that applicable for the other business days (i.e. when RF exposure is below 115% of the existing RF size) (effective from 9 August 2021) (Marked-up version of amendments attached for information)
Amendments for the purpose of implementing the paperless initiative under which the relevant exchange or clearing house under Hong Kong Exchanges and Clearing Limited will (i) discontinue making available to a participant or other person hard copies of any rule book, user guide or rule update, and where applicable, (ii) discontinue issuing or re-issuing to a participant any certificate of participantship (effective from 1 January 2021) (Marked-up version of amendments attached for information)
Amendments for the purpose of giving SEOCH the discretion to relax the capital-based position limits assigned to a SEOCH Participant on a case by case basis (effective from 1 September 2020) (Marked-up version of amendments attached for information)
Amendments for the purpose of implementing the recommended arrangements upon the announcement of “extreme conditions” by the Government under the “Code of Practice in Times of Typhoons and Rainstorms” issued by the Labour Department. In line with the recommended practice, the amendments provide that clearing services shall remain suspended even after cancellation of Typhoon Signal No. 8 if “extreme conditions” are in force, and shall only resume two hours after “extreme conditions” are cancelled (effective from 10 January 2020) (Marked-up version of amendments attached for information)
Amendments for the purposes of implementing: (i) the acceptance of registered institutions under the SFO with Tier 1 capital of at least HK$390m as General Clearing Participants (RIGCPs); (ii) enhanced ongoing information obligations for all Participants and an additional set of information and financial obligations for RIGCPs; (iii) amendments to the cross default provision to enable SEOCH to call a default if a Participant defaults at another clearing and settlement system operated by HKEX or one of HKEX’s affiliates; and (iv) amendments to the provisions dealing with Capital-Based Position Limits to include RIGCPs (effective from 28 October 2019) (Marked-up version of amendments attached for information)
Amendments for the purpose of revising the interest, costs and charges on the cash balance in SEOCH Participants' CCMS Collateral Accounts (effective from 2 September 2019) (Marked-up version of amendments attached for information)
Amendments for the purpose of implementing (i) an upgrade to DCASS, which includes the decommissioning of the network gateway, the discontinuation of the contingency gateway, the replacement of the DCASS Terminal with a web based online access and the introduction of a new DCASS function; and (ii) certain housekeeping changes(effective from 6 May 2019) (Marked-up version of amendments attached for information)
Amendments for the purposes of (a) enhancing the recovery plan of SEOCH by: (i) changing the provisions governing an existing recovery tool (Assessments); (ii) introducing new recovery tools (Voluntary Recapitalization and Loss Distribution Process); (iii) introducing Contract Termination in order to re-establish a matched book after a Clearing Participant (CP) default; and (iv) refining the existing arrangements concerning financial resources replenishment; (b) introducing close-out netting provisions in the event of an insolvency or failure to pay default of SEOCH; and (c) allowing SEOCH to convert CPs’ collateral into the required currency for the purposes of satisfying CPs’ liabilities (effective from 15 October 2018) (Marked-up version of amendments attached for information)
Amendments for the purposes of (a) maintaining financial resources appropriated by SEOCH in the Reserve Fund (“SITG”) to cover the projected losses and setting the SITG at 10% of the Reserve Fund size; and (b) changing Clearing Participants’ contributions to the Reserve Fund by prescribing a Reserve Fund threshold and collecting additional margin (effective from 1 June 2018) (Marked-up version of amendments attached for information)
Amendments for the purposes of (a) replacing the references to “AMS” and “Exchange’s Automatic Order Matching and Execution System” with “Exchange Trading System” in view of the introduction of the Orion Trading Platform – Securities Market (OTP-C) by The Stock Exchange of Hong Kong Limited; and (b) removing the provisions relating to the Trading Hall following the proposal to redevelop the Trading Hall (effective from 5 February 2018) (Marked-up version of amendments attached for information)
Amendments to modify the Reserve Fund triggering and collection mechanism (effective from 29 September 2017) (Marked-up version of amendments attached for information)
Amendments for the implementation of participant admission appeal procedures (effective from 31 March 2017) (Marked-up version of amendments attached for information)
Amendments to remove the operational forms to the DCASS Terminal User Guide and to reflect the corporate rebranding from “HKEx” to “HKEX” (effective from 16 January 2017) (Marked-up version of amendments attached for information)
Amendments for the purposes of enhancing SEOCH’s risk management regime by strengthening the concentration risk policy (effective from 1 April 2016) (Marked-up version of amendments attached for information)
Amendments for the purpose of reflecting the new structure of Hong Kong Exchanges and Clearing Limited group after the internal reorganisation (effective from 22 January 2016) (Marked-up version of amendments attached for information)
Amendments for the purposes of enhancing SEOCH’s risk management regime by strengthening the concentration risk policy (effective from 1 September 2015) (Marked-up version of amendments attached for information)
Amendments for the purpose of setting out the capital adjustment process that will be conducted by SEOCH in respect of the four corporate events that will be included by The Stock Exchange of Hong Kong Limited as standard capital adjustment events in the Operational Trading Procedures for Options Trading Exchange Participants (effective from 29 June 2015) (Marked-up version of amendments attached for information)
Amendments for the purposes of enhancing SEOCH’s risk management regime by (i) lowering the thresholds for triggering an ad hoc demand of Reserve Fund contribution from the Clearing Participants; and (ii) increasing the size of the Reserve Fund to provide a larger buffer against exposures (effective from 2 July 2015) (Marked-up version of amendments attached for information)
Amendments for the termination of accepting bank guarantees as collateral (effective from 1 September 2014) (Marked-up version of amendments attached for information)
Amendments to facilitate SEOCH to comply with its obligations as a participating foreign financial institution under the U.S. Foreign Account Tax Compliance Act (effective from 1 July 2014) (Marked-up version of amendments attached for information)
Amendments to align them with the new Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (effective from 26 March 2014) (Marked-up version of amendments attached for information)
Amendments to (i) clarifying that Special Block Trade Margin may also be demanded in respect of any trade adjustment request concerning a block trade; and (ii) advancing the system input cutoff time for trade adjustment requests in relation to a block trade to 30 minutes prior to the usual system input cutoff time (effective from 6 January 2014) (Marked-up version of amendments attached for information)
Amendments to (i) introduce a central gateway for connection to DCASS following the DCASS upgrade to the Genium INET Platform (the “Genium Upgrade”); (ii) reflect the operational changes in DCASS following the Genium Upgrade; and (iii) make miscellaneous housekeeping changes (effective from 15 October 2013) (Marked-up version of amendments attached for information)
Amendments to (i) amend the collateral policy to mitigate specific wrong-way risk in the event that the participant providing the collateral defaults; and (ii) make miscellaneous changes for housekeeping purposes (effective from 2 May 2013) (Marked-up version of amendments attached for information)
Amendments for the purpose of implementing an enhancement to allow participants to satisfy demands for intra-day margin by payment in a currency (one of the approved currencies as set out in the Procedures) other than the settlement currency, as SEOCH may from time to time permit (effective from 4 February 2013) (Marked-up version of amendments attached for information)
Amendments for the purposes of implementing the proposals to strengthen the risk management measures of The SEHK Options Clearing House Limited and aligning the risk management arrangements across the three clearing houses of Hong Kong Exchanges and Clearing Limited. The amendments also include changes for housekeeping purpose (effective from 5 November 2012) (Marked-up version of amendments attached for information)
Amendments to introduce the clearing and risk management arrangements and the exercise fee for RMB denominated option classes (effective from 28 September 2011) (Marked-up version of amendments attached for information)
Amendments to update the office address of SEOCH as a result of the re-naming of the office building from “Vicwood Plaza” to “Infinitus Plaza” and to effect housekeeping changes (effective from 30 March 2011) (Marked-up version of amendments attached for information)
Amendments to align with the extended trading hours of the stock options market (effective from 7 March 2011) (Marked-up version of amendments attached for information)
Amendments to (i) improve the third party clearing arrangements by removing the one-day prior written notice period requirement for the termination of a Clearing Agreement; (ii) simplify the requirement for the submission of Clearing Agreements by GCPs; and (iii) effect minor housekeeping amendments (effective from 22 November 2010) (Marked-up version of amendments attached for information)
Amendments to enable the clearing of Renminbi (“RMB”) denominated products by SEOCH and to accept RMB as margin collateral for SEOCH transactions (effective from 13 September 2010) (Marked-up version of amendments attached for information)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to new stock option classes with contract size other than one board lot of underlying shares (take effect from 24 June 2010)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the elimination of certain minor fees (take effect from 1 January 2010)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the introduction of the Derivatives Clearing and Settlement System Backup Centre service (take effect from 2 March 2009)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the introduction of third party clearing by Hong Kong Securities Clearing Company Limited (take effect from 3 December 2007)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the SEOCH's Reserve Fund arrangements (take effect from 1 November 2007)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the System Input Cutoff Time (take effect from 9 July 2007)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the 2 tier banking structure for money settlement purposes (take effect from 18 June 2007)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the use of Client Offset Claim Account (take effect from 3 July 2007)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to Daily Settlement Price Determination Methodologies (take effect from 7 May 2007)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to modify the capital based position limit policy (take effect from 20 November 2006)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the new market maker model for products of Hong Kong Futures Exchange Limited (take effect from 1 February 2007)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to adjustments to Stock Options Position Limits and Reporting Levels (take effect from 10 February 2006)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to Minimum Margin Coverage by Cash Collateral in Contract Currency (take effect from 3 January 2006)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the removal of SEOCH's category of Self Clearing Participants and harmonization of SEOCH and HKCC's capital requirements for Clearing Participants (take effect from 1 November 2005)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the implementation of new collateral policies (take effect from 22 August 2005)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the handling of Capital Adjustments for Special Events (take effect from 1 July 2005)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the interest retention rates (take effect from 1 June 2005)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the abolition of the registration requirements for Options Clearing Officers (take effect from 1 April 2005)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants in relation to the abolition of Standard Instruction Input / Processing Fee (take effect from 1 March 2005)
Amendments to the Operational Clearing Procedures for Options Trading Exchange Participants relating to the implementation of the Derivatives Clearing And Settlement System (take effect from 6 April 2004)
Updated 31 Oct 2023