Fund transfers to HKSCC through RTGS system
Participants remitting cash prepayments, intra-day marks* and subscription monies to HKSCC will be able to execute their transactions through the Real Time Gross Settlement (RTGS) system of the Clearing House Automated Transfer System, or CHATS, operated by Hong Kong Interbank Clearing Limited. The existing service fee of $100 per transaction will not apply to cash prepayments made through this new automated mechanism.
Extended deadlines for corporate action instructions
The deadline for Participants of the Central Clearing and Settlement System (CCASS) to submit corporate action instructions that require subscription payments will be extended from
Reduced handling charges for scrip fee concessions
The procedures for processing scrip fee concession applications for transfers between two Participants in respect of a securities portfolio belonging to the same investor will be streamlined and the handling charge will be reduced from 10 per cent of concession granted (with a minimum of $10,000) to a flat fee of $1,000 per application.
"These changes reflect our latest effort in improving our services to meet the needs of our customers and reducing our fees at the same time." said Stewart Shing, HKEx's Head of Clearing. "We are continuously upgrading our systems to provide value added services to the market."
* Funds to cover market risk exposure of HKSCC as a result of unfavourable price fluctuations of the unsettled stock positions.
