Clearing and Settlement Arrangements for Securities and Derivatives Markets
If a Typhoon Signal No 8 (or above) or Black Rainstorm Warning has been issued by the Hong Kong Observatory, please refer to news reports through the electronic news media or messages disseminated through HKEx’s market systems on the current signal/warning’s impact on clearing and settlement services. The following are the key clearing and settlement arrangements during typhoons and rainstorms for the public’s easy reference.
Securities Market
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Signal/warning is discontinued at or before 12:00 noon
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The day will be treated as a Settlement Day.
Central Clearing and Settlement System (CCASS) services will resume two hours following the discontinuation of the signal/warning.
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Signal/warning is discontinued after 12:00 noon
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There will be no CCASS services for the day and it will not be treated as a Settlement Day.
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(b) Typhoon Signal No 8 (or above) / Black Rainstorm Warning issued at or after 9:00 am on a Business Day
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If the signal/warning is issued at or after 9:00 am
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The day will be treated as a Settlement Day.
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CCASS services will normally be terminated in 15 minutes following the issuance of the signal, except:
- Matching of Settlement Instructions and Batch-settlement-runs will be processed in CCASS as normal.
- Settlement related maintenance functions will continue to be available for use within one hour following the issuance of the signal and will be terminated thereafter.
- The following functions will continue to be available for use in accordance with their normal service hours:
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Settlement related enquiry functions |
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Enquire Broadcast Message function |
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Money settlement services via CHATS Payment Instructions and Intra-day Payment Instructions |
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Retrieval and printing of CCASS reports |
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Normal CCASS services will be available, with matching of Settlement Instructions and Batch-settlement-runs processed as normal.
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If the signal/warning is issued between 9:00 am and 3:00 pm, except where such signal/warning is cancelled at or before 12:00 noon |
The day will not be treated as a Settlement Day for CCASS money settlement in relation to Direct Debit Instructions, Direct Credit Instructions, Electronic Payment Instructions and autopay instructions (if applicable) since Hong Kong Interbank Clearing Limited, or HKICL, will not provide clearing services for the day. Hence, the generation of CCASS money settlement instructions for the day will be deferred to the following Business Day upon resumption of CCASS.
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For details, please refer to the Hong Kong Securities Clearing Company Limited rules and procedures at http://www.hkex.com.hk/eng/rulesreg/clearrules/ccassop/documents/sec17.pdf (Section 17).
Derivatives Market
Futures and Index Options
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Typhoon Signal No 8 (or above) / Black Rainstorm Warning issued before 9:00 am on a Business Day (The text in all cells should be read together with the text in the first cell of the first column.) |
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Signal/warning is discontinued
at or before 12:00 noon
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Normal clearing and settlement services will resume two hours following the discontinuation of the signal/warning.
Withdrawal requests will be processed on a best effort basis and subject to the availability of the applicable services of corresponding banks.
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Signal/warning is discontinued after 12:00noon |
No clearing and settlement services will be available for the day. In such event, money settlement will be effectuated prior to the resumption of trading on the Futures Exchange on the first Business Day thereafter on which the Futures Exchange is open for business. If a HKCC Participant fails to effectuate money settlement, it will be subject to disciplinary action pursuant to HKCC Rules 510 and/or 517.
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(b) Typhoon Signal No 8 (or above) / Black Rainstorm Warning issued at or after 9:00 am on a Business Day
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Clearing and settlement services will be terminated two hours following the issuance of the signal.
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Clearing and settlement services will continue to operate as usual subject to HKCC’s discretion to suspend, in whole or in part, the availability of clearing and settlement services where particular circumstances warrant suspension.
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Signal/warning is issued prior to the deadline for withdrawal requests (normally at 11:00 am)
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Those withdrawal requests already submitted will be accepted as usual, subject to the availability of the applicable services of corresponding banks, the Common Collateral Management System (CCMS) and CCASS.
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For details, please refer to the HKFE Clearing Corporation Limited (HKCC) rules and procedures at http://www.hkex.com.hk/eng/rulesreg/clearrules/hkcc/documents/cc-viii.pdf (Chapter 8).
Stock Options
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Typhoon Signal No. 8 (or above) / Black Rainstorm Warning issued before 9:00 am on a Business Day (The text in all cells should be read together with the text in the first cell of the first column.) |
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Signal/warning is discontinued at or before 12:00 noon
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Normal clearing services will resume two hours following the discontinuation of the signal/warning.
Requests for deposit or withdrawal of collateral received before the cut-off time (11:00 am) 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 normal.
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Signal/warning is discontinued after 12:00 noon |
No clearing and settlement services will be available for the day.
If the signal/warning is in effect on the expiry day, then the expiry day will be deferred to the next Business Day for the spot month series.
No request for deposit and withdrawal of collateral 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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(b) Typhoon Signal No. 8 (or above) / Black Rainstorm Warning issued at or after 9:00 am on a Business Day
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Normal clearing services will be terminated two hours following the issuance of the signal.
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Normal clearing services will continue to be available.
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Requests for deposit or withdrawal of collateral received before the cut-off time (11:00 am) 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 normal.
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For details, please refer to The SEHK Options Clearing House Limited (SEOCH) rules and procedures at http://www.hkex.com.hk/eng/rulesreg/clearrules/ocp/documents/chap15.pdf (Chapter 15).