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HKSCC

CCASS Operational Procedures

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CCASS Operational Procedures

PREFACE
DEFINITIONS
PART ONE CCASS
SECTION 1 INTRODUCTION
1.1 HKSCC
1.2 What is CCASS ?
1.3 Main CCASS services
1.4 Additional services
SECTION 2 PARTICIPANTS
2.1 Admission of Participants
2.2 Admission fee
2.3 Stock Accounts and CCMS Collateral Accounts
2.4 Money Ledger
2.5 Authorised Signatories
2.6 Designated Officer and Alternate Designated Officer
2.7 List of Participants
2.8 Appeal to the Participant Admission Appeals Committee
SECTION 3 CCASS TERMINALS / CCASS PHONE SYSTEM / CCASS INTERNET SYSTEM / PARTICIPANT GATEWAYS
3.1 Direct linkage
3.2 Commissioning of CCASS Terminals and Participant Gateways
3.3 Delegated Administrators
3.4 Authorised Users
3.4A SSA Statement Recipients
3.5 Access control
3.6 Operations undertaken through CCASS Terminals and Participant Gateways
3.7 Servicing of CCASS Terminals and Participant Gateways
3.8 Back-up Centre for CCASS Terminals
3.9 CCASS Terminals and Participant Gateways of Designated Banks
3.10 CCASS Phone System and CCASS Internet System
SECTION 4 BACK-UP CENTRE / CUSTOMER SERVICE CENTRE
4.1 Introduction
4.2 Customer Service Centre
SECTION 5 ELIGIBLE SECURITIES
5.1 Securities accepted as Eligible Securities
5.2 Currency of denomination and settlement
5.3 Stock code number and description
5.4 Restrictions affecting Eligible Securities
SECTION 6 OPERATIONAL AND SERVICE SCHEDULE
6.1 Processing and service
6.2 Daily processing and service schedule for Participants other than Investor Participants
6.3 Daily service schedule for Designated Banks
PART TWO SERVICES AND FACILITIES
SECTION 7 DEPOSITORY AND RELATED SERVICES
7.1 CCASS Depository Services
7.2 Operating principles
7.3 Procedures for deposit
7.4 Procedures for withdrawal
7.5 Security control
7.6 Forms
7.7 Withdrawal order functions available for use
7.8 Purging of withdrawal orders
7.9 Relevant CCASS reports
7.10 Exchange Fund Notes, Government Bonds,Specified Instruments and CMU Instruments
7.11 Foreign Securities
7.12 Structured Products
7.13 Procedures for transfer of Multi-counter Eligible Securities
7.13A Procedures for conversion of holdings of Eligible Securities subject to parallel trading arrangements
7.14 Uncertificated Eligible Securities
SECTION 8 NOMINEE SERVICES
8.1 Provision of nominee services
8.2 General principles
8.3 Corporate announcement information
8.4 Corporate announcements
8.5 Corporate communications
8.6 Voting
8.7 Cash dividend entitlements
8.8 Bonus issues of securities
8.9 Dividend entitlements with options
8.10 Rights issues by issuers of Eligible Securities (other than China Connect Securities and other scripless securities)
8.10A Rights issues relating toChina Connect Securities, other scripless securities and non-eligible securities
8.11 Open offers relating to Eligible Securities other than China Connect Securities
8.11A Open offer relating to China Connect Securities
8.12 Take-over offers
8.13 Conversion of warrants
8.13A Repealed
8.13B Repealed
8.14 Sub-divisions, consolidations etc.
8.15 Interest payments
8.16 Conversion of bonds
8.17 Bond, Exchange Fund Notes, Government Bonds, Specified Instruments and CMU Instruments redemption
8.17A Redemption of Shares
8.18 Electronic Application Instructions for New Issue Shares
8.19 Tender Instructions for Exchange Fund Notes, Government Bonds, Specified Instruments and CMU Instruments
8.20 Electronic Applications for the issue & redemption of Units
8.20A Scrip and/or cash payment relating to Structured Products
8.20B Redemption of Structured Products which have a rollover mechanism
8.21 Fractional securities
8.22 Unclaimed entitlements
8.23 Decimal places for calculation purposes
8.24 Forms
8.25 Intra-day payment in an Eligible Currency
8.26 Nominee Payment (Evening) Distribution in an Eligible Currency
SECTION 9 OVERVIEW OF CLEARING AND SETTLEMENT IN CCASS
9.1 Transactions accepted for settlement in CCASS
9.2 Exchange Trades
9.2A China Connect Securities Trades
9.3 SI Transactions
9.4 ISI Transactions
9.5 Clearing Agency Transactions
9.6 Transfer Instructions
9.6A Cross Border Transfer Instructions
9.7 Securities settlement
9.8 Money settlement
SECTION 10 EXCHANGE TRADES - CNS SYSTEM
10.1 Acceptance for settlement under the CNS System
10.2 Trade amendments, “late” Exchange Trades and trades not recognized by the Exchange
10.3 Netting
10.4 Securities Settlement under the CNS System
10.5 Money settlement under the CNS System
10.6 Late delivery : default fee
10.7 Late delivery : compulsory stock borrowing by HKSCC
10.8 Late delivery : Buy-in
10.9 Late delivery : adjustments for entitlements
10.10 Risk management : Marks
10.10A Risk management : Margin
10.11 Risk management : Collateral
10.12 Risk management : Securities-on-hold
10.13 Risk management: Evidence of securities available for settlement
10.14 Risk management : Closing-out
10.15 Risk management : Cash and Collateral Securities
10.16 Risk Management: Contract Termination 
SECTION 10A CHINA CONNECT SECURITIES TRADES - CNS SYSTEM
10A.1 Acceptance for settlement under the CNS System
10A.2 Netting
10A.3 Securities settlement
10A.4 Money settlement under the CNS System
10A.5 Late delivery: default fee
10A.6 Late delivery: Buy-in
10A.7 Late delivery: adjustments for entitlements
10A.7A Late delivery: adjustment of sellable balance for China Connect Securities
10A.8 Risk management: Mainland settlement deposit
10A.9 Risk management: Mainland security deposit
10A.10 Risk management: Marks
10A.11 Risk management: Collateral
10A.12 [Repealed]
10A.13 Risk management: Cash collateral
10A.14 Risk management: Securities-on-hold of China Connect Securities
10A.15 Risk management: Closing-out
SECTION 11 EXCHANGE TRADES - ISOLATED TRADES SYSTEM
11.1 Settlement under the Isolated Trades System
11.2 Trade amendments, “late” Exchange Trades and trades not recognized by the Exchange
11.3 HKSCC not responsible for Isolated Exchange Trades
11.4 Settlement of Isolated Exchange Trades
11.5 Money settlement of Isolated Exchange Trades
11.6 Late delivery: default fee
11.7 Late delivery: stock borrowing
11.8 Late delivery: Buy-in
11.9 Late delivery: adjustments for entitlements
11.10 Late delivery: accrued interest of interest bearing Debt Securities
SECTION 12 NON-EXCHANGE TRADES - SI TRANSACTIONS, CLEARING AGENCY TRANSACTIONS, ISI TRANSACTIONS,TRANSFER INSTRUCTIONSAND NON-TRADE TRANSFERS IN CHINA CONNECT SECURITIES
12.1 SI Transactions (Between Participants other than Investor Participants)
12.2 Clearing Agency Transactions
12.3 ISI Transactions (Involving Investor Participants)
12.4 Transfer Instructions
12.5 Cross-Border Transfer Instructions
12.6 Non-Trade Transfers in China Connect Securities
SECTION 12A FOREIGN EXCHANGE SERVICES
12A.1 The TSF
12A.2 TSF FX transactions
12A.3 Money positions in respect of TSF FX transactions
12A.4 Settlement of TSF final FX positions
12A.5 Earmarking and de-earmarking of TSF stocks
12A.6 Stock release requests and stock release FX transactions
12A.7 Amendments to TSF exchange trades and adjustments to TSF FX transactions
12A.8 Failure to settle money positions
12A.9 Risk management: collateral
SECTION 13 SECURITIES SETTLEMENT
13.1 General
13.2 Settlement by DIs
13.3 Settlement by Batch-settlement-runs
13.4 Allocation algorithm for long CNS stock positions
13.5 Enquiries and reports
13.6 Cancelling stock positions
SECTION 14 MONEY SETTLEMENT
14.1 Scope of money settlement services
14.2 Designated Banks and authorisation forms
14.3 Instructions by HKSCC to Designated Banks
14.4 DDIs and DCIs
14.5 Electronic Payment Instructions
14.6 [Repealed]
14.7 CHATS Payment Instructions
14.8 Intra-day Payment Instructions
SECTION 15 ENQUIRY SERVICES
15.1 Enquiry services
15.2 Use of various enquiry functions available
15.3 Hours when services are available
15.4 Access rights to enquiry services
SECTION 16 STATEMENTS AND REPORTS
16.1 Statements and reports available
16.2 Access rights to report retrieval functions
16.3 Retrieval of reports through CCASS Terminals / Participant Gateways
16.4 Downloading of report data image
16.5 Request for re-prints
16.6 Reports and statements for Participants
16.7 Reports and statements for Designated Banks
16.8 Reports and statements for SSA Statement Recipients relating to SSA with Statement Service
16.9 Errors
SECTION 17 SUSPENSION OF SERVICES
17.1 General
17.2 Typhoons
17.3 Rainstorms
17.4 Other contingency situations
SECTION 17A  CLEARING SERVICE TERMINATION EVENT
17A.1 Calculations of net payments following a Clearing Service Termination Event 
SECTION 17B HKSCC FAILURE TO PAY EVENT OR HKSCC INSOLVENCY EVENT
17B.1 Calculations of net payments under an HKSCC Failure to Pay Event or an HKSCC Insolvency Event
PART THREE DUTIES AND RESPONSIBILITIES OF PARTICIPANTS
SECTION 18 GUARANTEE FUND
18.1 General
18.2 Calculation of Contributions
18.3 Form of Contributions
18.4 Review of Contributions
18.5 Payments to be made out of the Guarantee Fund
18.6 Assessments, Voluntary Recapitalization and Replenishment of Guarantee Fund
SECTION 19 FINANCIAL AND ACCOUNTING REQUIREMENTS
19.1 Financial requirements
19.2 Accounting requirements
SECTION 20 DISCIPLINARY ACTION
20.1 Information
20.2 Monitoring and investigations
20.3 Responsibility of Participants
20.4 Acts of misconduct
20.5 The disciplinary function of HKSCC
20.6 Membership of Committee
20.7 Referral to the Disciplinary Committee
20.8 Pre-hearing preparation and pre-hearing review
20.9 The Disciplinary Committee hearing
20.10 Appeal to the Disciplinary Appeals Committee
20.11 Publicity and public censure
PART FOUR TARIFF
SECTION 21 COSTS AND EXPENSES
21.1 Clearing and settlement of Exchange Trades
21.1A Clearing and settlement of China Connect Securities
21.2 Clearing and settlement of SI Transactions
21.3 Clearing and settlement of ISI Transactions
21.3A Clearing and settlement of Transfer Instructions
21.3B Cross-Border Transfer (Receipts/Deliveries) Instructions
21.4 Repealed
21.5 Depository and nominee services
21.6 [Repealed]
21.7 Other money settlement fees
21.8 Report reprinting service
21.9 (i)   Repealed
(ii)  Repealed
(iii) Fees for CCASS Terminal accessed by smartcard
(iv) Fees for Participant Gateways
21.10 Applicable interest rates
21.11 SSA with statement service
21.11A Stock Segregated Account Transfer Instructions
21.12 Repealed
21.13 Costs and expenses - miscellaneous
21.14 Billing
21.15 Review of costs and expenses
21.16 Default fee for later delivery under the CNS System
21.17 Foreign Currency denominated transactions
21.18 Publications
21.18a [Repealed]
21.19 Clearing and settlement of TSF FX transactions
21.20 Exception handling fee in relation to settlement of TSF FX transactions and earmarking of TSF stocks
21.21 Special Segregated Account
SECTION 22 TARIFF FOR INVESTOR PARTICIPANTS
22.1 Clearing and settlement of ISI Transactions
22.1A Clearing and settlement of TI Instructions
22.1B Cross-Border Transfer (Receipts/Deliveries) Instructions
22.2 Depository and nominee services
22.3 [Repealed]
22.4 Other money settlement fees
22.5 Customer Service Centre
22.6 Investor accounts maintenance fees
22.7 Applicable interest rates
22.8 Costs and expenses - miscellaneous
22.9 Billing
22.10 [Repealed]
22.11 Review of costs and expenses
22.12 Foreign Currency denominated transactions
SECTION 23 TARIFF OF ISSUERS
23.1 Admission of Structured Products
Appendix 1-5 [Repealed]
Appendix 6 Compulsory Stock Borrowing and Lending Regulations
Appendix 7-8 [Repealed]
   
(Update No. 1 2018 of the CCASS Operational Procedures is now available for subscription. For those who wish to subscribe hardcopy updates to the CCASS Operational Procedures, please complete and return the attached copy of the Updating Service Request Form.)
 
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Updated 04 Jul 2019

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