Hongkong Clearing today (Wednesday) introduced a new campaign that uses a colourful tram to promote the Investor Account Service. The campaign is designed to raise awareness of the Service, which gives investors enhanced legal protection and control over their shareholdings.
Tram Advertisement
The brightly painted tram, which will serve commuters on Hong Kong Island, is decorated to resemble an aquarium full of tropical fish. Investors' comments about the benefits of the Service and Hongkong Clearing's Investor Service Enquiry Hotline number (2979 7000) feature prominently in the design. Investors are encouraged to call the hotline and talk to the Company's Customer Services Representatives directly about the Service.
Latest Service Enhancements
Since the launch of the Investor Account Service in May 1998, Hongkong Clearing has introduced a range of new features for both Intermediary Participants (such as brokers and custodians) and Investor Participants. The latest enhancements, which were introduced in August 1999, include the Investor Settlement Instruction (ISI) Share On-hold mechanism and multiple Designated Bank accounts for Intermediary Participants.
With ISI Share On-hold, shares transferred to an Investor Account on a Delivery versus Payment (DVP) basis are put on-hold until the corresponding payment is confirmed good by the Investor Participant's Designated Bank. This helps to minimise brokers' exposure to the risks involved in providing the Investor Account Service to clients.
In addition, Broker and Custodian Participants can now register up to three Designated Bank accounts to facilitate their management of money settlement for Investor Accounts.
In August 1999, Hongkong Clearing admitted Exchange Fund Notes into the Central Clearing And Settlement System (CCASS) and has similar plans for Hong Kong Mortgage Corporation Notes, providing Intermediary and Investor Participants with a convenient way to tender for, clear and settle these instruments.
For a summary of service enhancements, please refer to Appendix I.
Application Status
As of 18 September 1999, Hongkong Clearing had received 2,479 applications for the Investor Account Service, including 2,138 applications for Individual Investor Accounts, 234 applications for Joint Individual Investor Accounts and 107 applications for Corporate Investor Accounts. A chart on the applications received since 27 March 1998, when the Company started to accept applications, is attached as Appendix II
Appendix I
Enhancements to the Investor Account Service