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 not to become a clearing participant in CCASS and outsource its clearing functions to a General Clearing Participant 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).
 At present, an Exchange Participant, although being a CCASS Participant, can choose to outsource its clearing and settlement operations to a Settlement Agent.
 NCP itself is not a participant type either in SEHK or HKSCC. It is a generic term for ease of classification and reference only.