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Third Party Clearing by HKSCC General Clearing Participants

An Exchange Participant (EP) of The Stock Exchange of Hong Kong Limited (SEHK) who trades on SEHK has the option to choose to become a clearing participant in CCASS or outsource its clearing functions to General Clearing Participant(s) (GCP) who provides clearing services to EPs. Under Third Party Clearing (TPC), an EP without a clearing participantship in CCASS is referenced as a Non-Clearing Participant (NCP). A NCP has to maintain a valid, blinding and effective Clearing Agreement with its GCP pursuant to which that GCP agrees to clear the contracts of the NCP. For more details, please refer to:

Operational Model of TPC in Securities Market

Documents/ Forms required for Change of Participantship of HKSCC and Clearing Arrangement are as follows:

Custodian/General Clearing Participantship Application Notes

Change of Clearing Status

Change of Participantship
of HKSCC*

Change of Clearing Relationship

Termination of Clearing Relationship

From
DCP to
NCP

From Custodian
to GCP

From
DCP
to
GCP

From
GCP to
DCP

Change of GCP appointment

Termination of GCP appointment

Relevant Application Forms:

 
1.

Notice of Termination of Participation in CCASS

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2.

Form 1H - Application for Change
of Participantship of HKSCC

Explanatory Notes (EN1H)

tick

tick

tick

 
3.

Form 1K - Notification of Bank Account Information for Receiving IPO Brokerage

tick

 
4.

Form 11 - Notification of Execution of Clearing Agreement and Change of Clearing Relationship

tick

tick

 
5.

Form 12 -Notification ofTermination ofClearingAgreement

   tick
6.

CCASS / CCMS SDNet Line Service Notification Form for HKSCC / HKCC / SEOCH Participants / HKSCC Designated Banks - Cancellation

tick

 
7.

Authorization To HKSCC on Causing Endorsements to be Made on Instruments of Transfer as Selling Broker's Agent


Explanatory Notes

Appendix I Appendix II Appendix III

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8.

Direct Clearing Participant Agreement

tick

 
9.

General Clearing Participant Agreement

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tick

 
10.

Deed of Charge Relating to SEOCH Collateral[1]

tick

 
11.

Mandate Authorising SEOCH to transfer collateral and settlement amount to HKSCC[1]

tick

 

Supporting Documents:

 
1.

An Operations and Risk Control Plan
(Please refer toEN1H)

tick

tick

 
2.

A certified true copy of the Financial Return submitted to the Securities and Futures Commission together with the management accounts (to be made up to a date within one month from the date of application)

tick

tick

tick

 
3.

Board Resolution

tick

tick

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*Remark: With respect to any request for a change in participant's status, it should be noted that a separate review will be conducted according to the admission criteria of the participantship under application.

[1]Applicable to those NCP who wishes to appoint a CCASS GCP to clear and settle Exercised Options Trade (EOT) in CCASS.

DCP = Direct Clearing Participant
NCP = Non-clearing Participant
GCP = General Clearing Participant

If a NCP wants to become a DCP or GCP of HKSCC, please refer to the “Explanatory Notes for Application for Participantship” and “Admission Criteria and Operational Requirements for Becoming a Participant of HKSCC” for documents/forms required.

For the current list of GCP of HKSCC, please refer to the following link:

List of HKSCC General Clearing Participants

Frequently Asked Questions



Updated 16 Oct 2019

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