The TPC model enables easier access to the cash market through segregation of trading and clearing participantships. An Exchange Participant who trades on the Stock Exchange of Hong Kong (SEHK) has the added option to choose to outsource its clearing functions for Exchange Trades and/or China Connect Securities Trades to General Clearing Participant(s) who provides clearing services to Exchange Participants. Under TPC, an Exchange Participant without a clearing participantship in CCASS is referenced as a Non-Clearing Participant (NCP). An Exchange Participant who is an (i) NCP or (ii) a Clearing Participant who is not a China Connect Clearing Participant and who has entered into a Clearing Agreement with a General Clearing Participant for the clearing of its China Connect Securities Trades is referenced as a Non-China Connect Clearing Participant (NCCCP).
 At present, an Exchange Participant, although being a CCASS Participant, can choose to outsource its clearing and settlement operations to a Settlement Agent.
 NCP/ NCCCP itself is not a participant type either in SEHK or HKSCC. It is a generic term for ease of classification and reference only.