If Hong Kong is under Typhoon Signal No 8 (or above) or Extreme Conditions** or Black Rainstorm Warning, please refer to the messages disseminated through CCASS or DCASS (where applicable) about the impact to clearing and settlement.
Notes:
**: The Government of Hong Kong may also issue an announcement on “Extreme Conditions” in the event of, for example, serious disruption of public transport services, extensive flooding, major landslides, large-scale power outage or any other adverse conditions before Typhoon Signal No. 8 or above is replaced with Typhoon Signal No. 3 or below. When “Extreme Conditions” are in force, the Government will review the situation and further advise the public by the end of the two-hour period whether “Extreme Conditions” will be extended or cancelled.
The following are the key clearing and settlement arrangements for reference.
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Part I
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Typhoon Signal No 8 (or above) / Extreme Conditions / Black Rainstorm Warning issued before 9:00 am on a Business Day
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Part II
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Typhoon Signal No 8 (or above) / Extreme Conditions/ Black Rainstorm Warning issued at or after 9:00 am on a Business Day
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Part I: Typhoon Signal No. 8 (or above) / Extreme Conditions / Black Rainstorm Warning issued before 9:00 am on a Business day
| Scenarios |
Typhoon / Extreme Conditions / Black Rainstorm Warning happened before 9:00 am AND; |
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1
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discontinued or cancelled at or before 12:00 noon
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It will be a Settlement Day.
CCASS services will resume two hours after the cancellation.
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2
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discontinued or cancelled after 12:00 noon
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It will NOT be a Settlement Day.
CNS positions due on today and tomorrow will be deferred by one Settlement Day.
For illustration, please refer to CCASS FAQ.
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Part II: Typhoon Signal No 8 (or above) / Extreme Conditions / Black Rainstorm Warning issued at or after 9:00 am on a Business Day
| Scenarios |
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Typhoon / Extreme Conditions |
Black Rainstorm |
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1
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issued at or after 9:00 am
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It will be a Settlement Day for securities settlement.
Matching of SIs and Batch-settlement-runs will be processed as normal.
CCASS services will normally cease within 15 minutes except:
- Settlement related maintenance functions will cease within one hour.
The following functions will continue as normal:
- Settlement related enquiry
- Enquire Broadcast Message
- Money settlement services via CHATS Payment Instructions and Intra-day Payment Instructions
- Retrieval and printing of CCASS reports
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CCASS services will be available as normal.
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2
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issued between 9:00 am to 3:00 pm AND NOT cancelled before 12:00 noon
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It will NOT be a Settlement Day for money settlement.
Money settlement instructions for the day will be deferred to the next Settlement Day.
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Part I: Typhoon Signal No. 8 (or above) / Extreme Conditions on a Trading Day
(a) Clearing Arrangement
(i) Futures and Options
Remark: If Typhoon Signal No. 8 (or above) / Extreme Conditions falls on a Holiday Trading Day, clearing services will be available for Holiday Trading Clearing Participants only.
| Scenarios |
Typhoon / Extreme Conditions |
Clearing Arrangement |
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1a
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happened before 7:30 am and cancelled at or before 12:00 noon
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Clearing services will resume two hours after the cancellation and will cease at T+1 Session Cutoff Time1; or System Input Cutoff Time2if T+1 Session does not apply to the product.
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1b
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happened before 7:30 am and cancelled after 12:00 noon
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Clearing services will resume at 2:00 pm and cease at System Input Cutoff Time2&3.
Clearing services will be available for all HKFE products except the below products:
- Stock Futures
- Dividend Futures
- Sector Index Futures
- HIBOR Futures
- Volatility Index Futures
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2a
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happened at or after 7:30 am and before 12:00 noon, then cancelled at or before 12:00 noon
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Clearing services will cease in two hours after the issuance/announcement.
Clearing services will then resume two hours after the cancellation and will cease at T+1 Session Cutoff Time1; or System Input Cutoff Time2if T+1 Session does not apply to the product.
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2b
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happened at or after 7:30 am and before 12:00 noon, then cancelled after 12:00 noon
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Clearing services will cease in two hours after the issuance/announcement and there will be no clearing services for the rest of the day.
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3
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happened after 12:00 noon
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Clearing services will cease in two hours after the issuance/announcement or at System Input Cutoff Time2&3, whichever is earlier.
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4
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happened at or after 5:15 pm
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Clearing services will cease in two hours after the issuance/announcement or at T+1 Session Cutoff Time1, whichever is earlier.
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Notes:
1: For T+1 Session Cutoff Time for various products, please refer to Appendix B to the Rules of HKFE Clearing Corporation Limited.
2: Clearing services for T Session will be offered, and will cease at System Input Cutoff Time. For System Input Cutoff Time, please refer to Section 101 to the Rules of HKFE Clearing Corporation Limited.
3: Trading Day after discontinuation of the signal/cancellation of Extreme Conditions, clearing services will be offered for Clearing Participants to perform post-trade adjustments for those trades executed during T+1 Session on previous Trading Day.
Part I: Typhoon Signal No. 8 (or above) / Extreme Conditions on a Trading Day
(a) Clearing Arrangement
(ii) Stock Options
| Scenarios |
Typhoon / Extreme Conditions |
Clearing Arrangement
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1a
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happened before 9:00 am and cancelled at or before 12:00 noon
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Clearing services will resume two hours after cancellation and cease at System Input Cutoff Time#.
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1b
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happened before 9:00 am and cancelled after 12:00 noon
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No clearing services will be available for the day. If the signal / Extreme Conditions is in effect on the expiry day, then the expiry day for the spot month series will be deferred to the next Business Day.
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2
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happened at or after 9:00 am
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Clearing services will cease in two hours after the issuance/announcement or at System Input Cutoff Time#, whichever is earlier.
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Note:
#: For System Input Cutoff Time, please refer to Section 101 of Options Clearing Rules of SEOCH.
Part I: Typhoon Signal No. 8 (or above) / Extreme Conditions on a Trading Day
(b) Settlement Arrangement
(i) Futures and Options
| Scenarios |
Typhoon / Extreme Conditions |
Settlement Arrangement |
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1a
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happened before 9:00 am and cancelled at or before 12:00 noon
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Money settlement and collateral management services will resume two hours after the cancellation. Requests for cash delivery and redelivery will be processed on a best effort basis subject to the availability of the applicable services of corresponding banks.
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1b
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happened before 9:00 am and cancelled after 12:00 noon
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No money settlement and collateral management services will be available for the day.
In such event, the outstanding money settlement will be effected on the next Business Day, and will be due for settlement by no later than 9:15 am if such Business Day is a full Bank Business Day or one hour after resumption of money settlement services if such Business Day is not a full Bank Business Day.
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2
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happened at or after 9:00 am
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Money settlement services will be terminated two hours after the issuance/announcement.
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3
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happened at or after 9:00 am and prior to the deadline for requests for cash delivery and redelivery (normally at 11:00 am)
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For collateral management services, requests for cash delivery and redelivery already submitted will be accepted as usual and subject to the availability of the applicable services of corresponding banks.
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Part I: Typhoon Signal No. 8 (or above) / Extreme Conditions on a Trading Day
(b) Settlement Arrangement
(ii) Stock Options
| Scenarios |
Typhoon / Extreme Conditions |
Settlement Arrangement |
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1a
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happened before 9:00 am and cancelled at or before 12:00 noon
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Money settlement and collateral management services will resume two hours after the cancellation.
Requests for cash delivery and redelivery before the cut-off time (11:00 am) and collateral securities transfer between CCMS and CCASS will be processed on a best effort basis and subject to the availability of the applicable services of corresponding banks, CCMS and CCASS.
The day will be treated as a Settlement Day for stock settlement purposes and the settlement process will be effected as usual.
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1b
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happened before 9:00 am and cancelled after 12:00 noon
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No money settlement services will be available for the day.
In such event, the outstanding money settlement will be effected on the next Business Day, and will be due for settlement by no later than 9:15 am if such Business Day is a full Bank Business Day or one hour after resumption of money settlement services if such Business Day is not a full Bank Business Day.
No request for cash delivery and redelivery and for collateral securities transfer between CCMS and CCASS will be processed on the day.
The day will not be treated as a Settlement Day for stock settlement. SEOCH will extend one Settlement Day for the settlement of pending stock transactions resulting from exercise or assignment of transactions effected two Business Days prior to the day.
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2
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happened at or after 9:00 am
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Collection of Daily Settlement Call will be effected as normal.
Any intra-day margin call issued one hour or more before the issuance of the signal/ announcement of Extreme Conditions will remain due for settlement within one hour after the call is issued.
Requests for cash delivery and redelivery received before the normal cut-off time (11:00 am) and collateral securities transfer between CCMS and CCASS will be processed on a best effort basis and subject to the availability of the applicable services of corresponding banks, CCMS and CCASS.
The day will be treated as a Settlement Day for stock settlement purposes and the settlement process will be effected as usual.
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Part II: Black Rainstorm Warning on a Trading Day
(a) Clearing Arrangement
(i) Futures and Options
Remark: If Black Rainstorm Warning falls on a Holiday Trading Day, clearing services will be available for Holiday Trading Clearing Participants only.
| Scenarios |
Black Rainstorm |
Clearing Arrangement |
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1a
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happened before 7:30 am and discontinued at or before 12:00 noon
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Clearing services will resume two hours after the discontinuation and will cease at T+1 Session Cutoff Time1; or System Input Cutoff Time2if T+1 Session does not apply to the product.
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1b
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happened before 7:30 am and discontinued after 12:00 noon
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Clearing services will resume at 2:00 pm and cease at System Input Cutoff Time2&3.
Clearing services will be available for all HKFE products except the below products::
- Stock Futures
- Dividend Futures
- Sector Index Futures
- HIBOR Futures
- Volatility Index Futures
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2
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happened at or after 7:30 am
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Clearing services will cease at T+1 Session Cutoff Time1; or System Input Cutoff Time2if T+1 Session does not apply to the product.
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Notes:
1: For T+1 Session Cutoff Time for various products, please refer to Appendix B to the Rules of HKFE Clearing Corporation Limited.
2: Clearing services for T Session will be offered, and will cease at System Input Cutoff Time. For Input System Cutoff Time, please refer to Section 101 to the Rules of HKFE Clearing Corporation Limited.
3: Trading Day after discontinuation of the warning, clearing services will be offered for Clearing Participants to perform post-trade adjustments for those trades executed during T+1 Session on previous Trading Day.
Part II: Black Rainstorm Warning on a Trading Day
(a) Clearing Arrangement
(ii) Stock Options
| Scenarios |
Black Rainstorm |
Clearing Arrangement |
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1a
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happened before 9:00 am and discontinued at or before 12:00 noon
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Clearing services will resume two hours after the discontinuation and will cease at System Input Cutoff Time#.
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1b
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happened before 9:00 am and discontinued after 12:00 noon
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No clearing services will be available for the day. If the warning is in effect on the expiry day, then the expiry day for the spot month series will be deferred to the next Business Day.
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2
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happened at or after 9:00 am
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Clearing services will continue to be available and cease at System Input Cutoff Time#.
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Note:
#: For System Input Cutoff Time, please refer to Section 101 of Options Clearing Rules of SEOCH.
Part II: Black Rainstorm Warning on a Trading Day
(b) Settlement Arrangement
(i) Futures and Options
| Scenarios |
Black Rainstorm |
Settlement Arrangement |
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1a
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happened before 9:00 am and discontinued at or before 12:00 noon
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Money settlement and collateral management services will resume two hours after the discontinuation. Requests for cash delivery and redelivery will be processed on a best effort basis subject to the availability of the applicable services of corresponding banks.
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1b
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happened before 9:00 am and discontinued after 12:00 noon
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No money settlement and collateral management services will be available for the day.
In such event, the outstanding money settlement will be effected on the next Business Day, and will be due for settlement by no later than 9:15 am if such Business Day is a full Bank Business Day or one hour after resumption of money settlement services if such Business Day is not a full Bank Business Day.
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2
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happened at or after 9:00 am
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Money settlement and collateral management services will continue to be available in accordance with their normal services hours.
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Part II: Black Rainstorm Warning on a Trading Day
(b) Settlement Arrangement
(ii) Stock Options
| Scenarios |
Black Rainstorm |
Settlement Arrangement |
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1a
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happened before 9:00 am and discontinued at or before 12:00 noon
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Money settlement services will resume two hours after the discontinuation of the warning.
Requests for cash delivery and redelivery before the cut-off time (11:00 am) and collateral securities transfer between CCMS and CCASS will be processed on a best effort basis and subject to the availability of the applicable services of corresponding banks, CCMS and CCASS.
The day will be treated as a Settlement Day for stock settlement purposes and the settlement process will be effected as usual.
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1b
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happened before 9:00 am and discontinued after 12:00 noon
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No money settlement services will be available for the day.
In such event, the outstanding money settlement will be effected on the next Business Day, and will be due for settlement by no later than 9:15 am if such Business Day is a full Bank Business Day or one hour after resumption of money settlement services if such Business Day is not a full Bank Business Day.
No request for cash delivery and redelivery and for collateral securities transfer between CCMS and CCASS will be processed for the day.
The day will not be treated as a Settlement Day for stock settlement purposes. SEOCH will extend one Settlement Day for the settlement of pending stock transactions resulting from exercise or assignment of transactions effected two Business Days prior to the day.
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2
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happened at or after 9:00 am
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Normal cash settlement transactions will be processed for the day.
Requests for collateral securities transfer between CCMS and CCASS will continue to be available for the day.
The day will be treated as a Settlement Day for stock settlement purposes and the settlement process will be effected as usual.
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For more details, please refer to the corresponding Circulars, Rules and Procedures below: