Hong Kong Exchanges and Clearing Limited (HKEx) will introduce the final phase of CCASS/3, the next generation of the Central Clearing and Settlement System, by launching the Participant Gateway on 26 May 2003 (Monday).

The launch date was set after the successful completion of tests. The plan has been approved by the Securities and Futures Commission.

The Participant Gateway serves as an additional communication channel to the CCASS/3 Terminal and provides a direct electronic interface between CCASS/3 and CCASS Participants' back office system. CCASS Participants may subscribe for the use of the Participant Gateway according to their business or operational requirements.

HKEx introduced the first phase of CCASS/3 in May 2002 and rolled out the second phase in December 2002. In the Stage-1 rollout, CCASS Participants and their Designated Banks migrated to the CCASS/3 Network and CCASS/3 Terminals. Functional infrastructure upgrades were rolled out in the second phase.

Further information about CCASS/3 is available on the HKEx website at http://www.hkex.com.hk.