Hong Kong Exchanges and Clearing Limited (HKEx) today (Monday) introduced enhanced features of the Central Clearing and Settlement System's (CCASS) Investor Account service, and rewards programmes for new and existing account holders.
The Investor Account service provides an additional choice for investors by offering a secure and low-cost share custody channel where they can keep their stockholdings and enjoy the benefits of the electronic book-entry settlement system. The service has been upgraded periodically since its introduction in 1998. The latest enhancements, which are in response to market demand, include:
- Extended online window for CCASS Phone System and Internet users;
- Access to the CCASS Internet System via ID and password;
- Alert message service (SMS or short message service);
- Streamlined stock transfer instructions;
- Enhanced voting functions; and
- Electronic statement service.
With the new features, Investor Account holders as well as their appointed brokers will find the upgraded service more convenient, easier to use and easier to support. In addition, holders of the Investor Accounts will continue to enjoy the following benefits:
- Investors fully control the movements of their shares deposited in CCASS
- Investors receive records of their shareholdings
- Investors enjoy legal protection of their shareholdings
- Investors receive corporate information directly from listed issuers
HKEx has developed rewards programmes to help introduce the new and enhanced features. They include lucky draws and incentives for existing and new account holders (see attached Highlights of Rewards Programmes).
"The new and enhanced features of the Investor Accounts in CCASS are designed to make the accounts more convenient and user-friendly," said Stewart Shing, HKEx's Head of Clearing. "We think the accounts are a cost-effective option for investors and the rewards programmes provide an added bonus."
For more detailed information on the Investor Account service and the full terms and conditions of the rewards programmes, investors can see the webpage at http://www.hkex.com.hk or phone the enquiry hotline on 2979 7000 during office hours (9am to 6pm, Monday to Friday and 9am to 1pm on Saturday, except public holidays).
Interested investors can also visit the Customer Service Centre at Upper Ground Floor, V-Heun Building, 128-140 Queen's Road Central, Hong Kong during office hours ( 9am to 6pm, Monday to Friday except public holidays).
Highlights of Rewards Programmes*
Lucky Draw for New and Existing Investor Account Holders
From 23 August to 31 December 2004 , investors who open an Investor Account and maintain stockholdings in the account at any time during the period as well as investors who register with the CCASS Internet System will be entered in Lucky Draws with prizes worth over $50,000. There will be two draws: one on 5 November 2004 and a second draw on 7 January 2005.
The first and second draws will have the same prizes and they are as follows:
- First Prize: $10,000 Travel Cash Coupon
- Second Prize: $8,000 Jewellery Cash Coupon
- Third Prize: $5,000 Home Appliances Cash Coupon
- Fourth to Eighth Prizes: $1,000 Department Store Cash Coupon
Account Opening and Referral Incentives
From now until year-end new Investor Account holders will receive a $100 supermarket cash coupon and existing account holders who introduce new account holders will receive a $100 cash award from a $300,000 incentive scheme pool on a first-come-first-serve basis.
Other Incentives
From now until the end of June 2005, the deposit requirement ($1,000) for new Investor Accounts in CCASS will be waived and there will be a 10-day free stock transfer period from the date the account is opened during which the holder of the new account can transfer shares from his broker/custodian into his new Investor Account at no charge.
Investor Account holders can subscribe for the new alert message service and enjoy a free trial period until the end of December 2004.
* Directors, members of committees and panels, staff of HKEx Group companies and their immediate family members are not eligible to participate in the rewards programmes.