Hong Kong Securities Clearing Company (HKSCC), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited, today (Wednesday) declared Tiffit Securities (Hong Kong) Ltd a defaulter under Rule 3702 of the General Rules of CCASS after the Securities and Futures Commission notified HKSCC that it had issued a restriction notice on Tiffit Securities (Hong Kong) Ltd. (7680 and 7689) under sections 204 and 205 of the Securities and Futures Ordinance.

Pursuant to its default procedures, HKSCC will effect closing-out of the unsettled stock positions of Tiffit Securities (Hong Kong ) Ltd by entering opposite transactions to offset the unsettled stock positions. The effect of this action is to arrive at a net sum payable by or to the defaulting Broker Participant.