Clearing and Settlement

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CCASS/3 stands for Central Clearing and Settlement System (also known as CCASS) which is a computerised securities clearing and settlement system developed and operated by Hong Kong Securities Clearing Company Limited (HKSCC).It provides browser based user interface via CCASS/3 Terminal (also known as C3T), straight-through-processing with direct linkage via Participant Gateway (PG) to facilitate CCASS Participants day-to-day operations. Clearing Participants (CPs) can also access risk functions via VaR Platform, which provides tools including Report Access Platform (RAP) and VaR Online to facilitate CPs to conduct risk monitoring and control.

Does C3T, PG, RAP or VaR Online support broad band communication?

Yes. Participants can subscribe to the highest CCASS/3 WAN connection line speed. The network bandwidth can reach up to 2M capacity for the WAN connection.

Are C3T, PG, RAP and VaR Online using the same hardware configuration?

The hardware configuration of C3T, PG, RAP and VaR Online varies, please refer to Technical Guides available in Client Connect (https://connect.hkex.com.hk) for more details.

Can CPs access CCASS, RAP and VaR Online on the same Terminal?

HKSCC CPs should access CCASS, RAP and VaR Online via SDNet, while CPs can only access RAP with designated RAP client workstations by registering the corresponding ip address (es) with HKSCC by submitting the RAP Registration and Maintenance for HKSCC or HKCC/SEOCH or Share Registrar form (eServices: TechS 8) via Client Connect (https://connect.hkex.com.hk/).

What is the backup arrangement for C3T, PG, RAP or VaR Online in the event that either system fails?

For RAP or VaR Online failure, Clearing Participants can rely on CCASS to receive HKSCC notifications, and retrieve CCASS reports for their collateral requirement and payment of risk obligations for funding preparation accordingly.

For C3T or PG failure, participants can utilise the backup center services provided by HKEX in case they cannot access via C3T at their offices. For PG failure, Participants may subscribe for dual PG to improve service availability, or use C3T as a backup for business contingency.

Is there any file format differences between C3T and PG?

Upload/download batch files format for C3T and PG are different. C3T uses the existing text based format while PG uses ISO compliant (or Tag-based) format.

What is the software configuration required for C3T, RAP and VaR Online?

Please note that HKEX will revise the compatible platform for C3T, RAP and VaR Online from time to time, Participants should refer to Technical Guides available in Client Connect (https://connect.hkex.com.hk) for the detailed software configuration.

Can Participants open multiple browsers on the same C3T?

No. Participants should open only one browser on a C3T. If Participants open multiple browsers on the same C3T, these browsers could interfere with each other and cause processing errors.

If a Participant wants to install more than one C3T, are multiple network lines required?

Subject to the line speed, a single network line can support multiple C3Ts. In other words, a Participant can install multiple C3Ts in the same office using the same network line.

Can Participants install non-CCASS/3 related software in C3T?

Participants may install common applications such as MS Word, Excel in C3T provided that the PC meets at least the minimum system configuration to run a C3T. However, Participants are not recommended to install other custom-built applications in C3T.

Can Participants install the C3T in their overseas offices?

Yes, Participants can install the C3T in their overseas offices with HKSCC’s prior written approval. According to General Rules of CCASS (“CCASS Rules”) 3901, any Participant that wishes to install or to access and operate CCASS from a foreign jurisdiction must obtain HKSCC’s prior written approval. Participants should also obtain from a reputable law firm of a foreign jurisdiction a legal opinion issued in favour of HKSCC for the CCASS operation and the placement of the CCASS Terminal in a foreign jurisdiction in accordance with CCASS Rules 3904. For the details of access to CCASS from a foreign jurisdiction, please refer to CCASS Rules Chapter 39 (http://www.hkex.com.hk/-/media/HKEX-Market/Global/Exchange/FAQ/Securities-Market/Clearing-and-Settlement/CCASS-3/Can-Participants-install-the-C3T-in-their-overseas-offices/r39.pdf?la=en).

What is the security measure for Participant to log on CCASS/3, RAP and VaR Online?

Access to CCASS will be authenticated by 2-Factor Authentication (2FA) with regular password and One-Time Password (OTP) generated from the ForgeRock Authenticator App or email; access to RAP will be authenticated by Secure Shell (SSH) private-key authentication; access to VaR Online will be authenticated by 2FA.

What is PG operating hour? Is it different to those for C3T?

CCASS/3 functions available via PG will follow C3T function time schedule as specified in Section 7.2 of CCASS Terminal User Guide for Participants: https://connect.hkex.com.hk

PG Server serves as the message routing conduit between your PSS and CCASS/3 backend. Production PG Server would be located at Participants’ office premises and your operation team should make sure that the PG Server is signed on / off from CCASS/3 when necessary. In general, we suggest PG Server to perform smart card sign on/off on a weekly basis, while PSS should perform daily logon to CCASS through PG-API before submitting transactions.

What is CCASS/3?

CCASS/3 stands for Central Clearing and Settlement System (also known as CCASS) which is a computerised securities clearing and settlement system developed and operated by Hong Kong Securities Clearing Company Limited (HKSCC).It provides browser based user interface via CCASS/3 Terminal (also known as C3T), straight-through-processing with direct linkage via Participant Gateway (PG) to facilitate CCASS Participants day-to-day operations. Clearing Participants (CPs) can also access risk functions via VaR Platform, please refer to the VaR Platform related FAQ for details.

What is C3T?

C3T (CCASS/3 Terminal) uses market standard Internet browser technology where Participants can access CCASS/3 (for services other than VaR Platform reports and functions) using any PC equipped with a support versions of Microsoft Windows and browser.On-line functions are presented in HTML (windows), which provides a more user-friendly interface.

What is PG?