Effective today (6 March 2000), Hongkong Clearing has become a wholly owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx) under the provisions of the Exchanges and Clearing Houses (Merger) Ordinance. Stock market settlement arrangements will remain unchanged.

Board of Directors

All Directors of Hongkong Clearing immediately before the two schemes of arrangement of The Stock Exchange of Hong Kong Limited and Hong Kong Futures Exchange Limited take effect have retired, effective today. With immediate effect, Mr Kwong Ki Chi is appointed as Chairman of Hongkong Clearing. Mr Alec Tsui and Mr Stewart Shing are appointed as Directors of the Company.

CCASS Rules

The Securities and Futures Commission has approved amendments to the General Rules of CCASS*, the CCASS Operational Procedures and the Terms and Conditions for Investor Participants to reflect the new status of Hongkong Clearing as a wholly owned subsidiary of HKEx, and the separation of ownership of shares in the Stock Exchange and access to its trading facilities. In February, CCASS Participants were advised of these amendments, which take effect immediately for Exchange Trades concluded on or after 6 March 2000. 

The current settlement arrangements in the stock market will remain unchanged and all CCASS Participants (including Investor Participants) will continue to be able to clear and settle their trades and transactions in CCASS as usual.

* CCASS is the Central Clearing And Settlement System operated by Hongkong Clearing.