Hong Kong Exchanges and Clearing Limited (HKEx) is strengthening its derivatives market infrastructure with the implementation of the SECUR clearing system developed by Sweden-based OM. HKEx also expects to enter into a five-year support agreement with OM for the system. In addition, HKEx expects to enter into a new five-year support agreement with OM for the HKATS electronic trading system which Hong Kong Futures Exchange, a wholly-owned subsidiary of HKEx, acquired from OM in 1994. The combined value of all the agreements would be approximately HK$92 million.

"This reinforces Hong Kongs position as a leading international financial centre and our long and successful relationship with OM," said Kwong Ki-chi, Chief Executive of HKEx.

"It is a sign of strength when previous customers are satisfied and returning in order to extend the relationship. Through our association with Hong Kong Exchanges and Clearing, we are strengthening our position in the Asia-Pacific region - there is currently no other system supplier which has delivered to more exchanges and clearing organisations in the Asia-Pacific region than OM," said Magnus Karlsson Bocker, President of Division Technology/Executive Vice President of OM.

"The addition of the SECUR system to our derivatives market infrastructure is consistent with the recommendations of the Steering Committee on the Enhancement of the Financial Infrastructure in Hong Kong and it moves us closer to our goal of straight-through processing for all our products," said Frederick Grede, Chief Operating Officer of HKEx.

"SECUR is a flexible clearing and settlement system that demonstrates our commitment to investing in technology that enables us to deliver efficient clearing services to meet the needs of our market participants," said Walter Reisch, Head of HKExs Clearing Business Unit.