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Payment, Clearing and Settlement Systems in Hong Kong SAR

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Payment, Clearing and Settlement Systems in Hong Kong SAR Payment, clearing and settlement systems in Hong Kong SAR CPSS – Red Book – 2012 199 Hong Kong SAR Contents List of abbreviations ........................................................................................................... 203 1. Introduction ............................................................................................................... 205 1.1 The general institutional framework ................................................................. 205 1.1.1 Payment systems and instruments ......................................................... 205 1.1.2 Securities settlement .............................................................................. 206 1.2 The role of the HKMA ...................................................................................... 206 1.2.1 Oversight ................................................................................................ 207 1.2.2 Provision of services ............................................................................... 208 1.2.3 Cooperative oversight arrangements ...................................................... 208 1.3 The role of other private and public sector bodies ............................................ 208 1.3.1 Providers of payment services ................................................................ 208 1.3.2 Licensing and registration requirements for related securities service providers ................................................................................................ 211 1.3.3 Other service providers........................................................................... 211 1.3.4 Role of other private and public sector bodies ........................................ 212 2. Payment methods ..................................................................................................... 213 2.1 Cash payments ................................................................................................ 213 2.2 Non-cash payments ......................................................................................... 213 2.2.1 Non-cash payment instruments .............................................................. 213 2.2.2 Non-cash payment terminals .................................................................. 215 3. Payment systems ..................................................................................................... 215 3.1 General overview ............................................................................................. 215 3.2 Large-value payment systems ......................................................................... 215 3.2.1 The real-time gross settlement (RTGS) system for HKD ......................... 215 3.2.2 Real-time gross settlement (RTGS) systems for USD, EUR and RMB ... 220 3.3 Payment links .................................................................................................. 223 3.3.1 Cross-border PVP links .......................................................................... 224 3.3.2 Payment links with the Mainland ............................................................. 224 3.3.3 Payment links with Macau ...................................................................... 225 4. Systems for post-trade processing, clearing and securities settlement ..................... 225 4.1 General overview ............................................................................................. 225 4.2 Post-trade processing systems ........................................................................ 225 4.2.1 Trade repository ..................................................................................... 225 4.3 Central counterparties and clearing systems ................................................... 225 4.4 Securities settlement systems ......................................................................... 226 CPSS – Red Book – 2012 201 Hong Kong SAR 4.4.1 Central Moneymarkets Unit .................................................................... 226 4.4.2 CCASS ................................................................................................... 229 202 CPSS – Red Book – 2012 Hong Kong SAR List of abbreviations AI Authorised Institution AMS Automatic matching system ATM Automatic teller machine CB Clearing Bank CCASS Central Clearing and Settlement System CCPMP Cross-Currency Payment Matching Processor CHATS Clearing House Automated Transfer System CLS Continuous linked settlement CMT CMU User Terminal CMU Central Moneymarkets Unit CMUP Central Moneymarkets Unit Processor CNS Continuous net settlement CSD Central Securities Depository CSSO Clearing and Settlement Systems Ordinance DTCs Deposit-Taking Company DTCA DTC Association DVP Delivery versus payment EFBNs Exchange Fund Bills and Notes EPS Easy Pay System FOP Free-of-payment GEM Growth Enterprise Market HKAB Hong Kong Association of Banks HKEx Hong Kong Exchanges and Clearing Limited HKFE Hong Kong Futures Exchange HKICL Hong Kong Interbank Clearing Limited HKMA Hong Kong Monetary Authority HKSCC Hong Kong Securities Clearing Company Limited IFTP Interbank Fund Transfer Processor LBs Licensed Banks MMs Market-makers MPC Multipurpose stored-value card OCL Octopus Cards Limited OTC Over-the-counter POS Point-of-sale PPS Payment-by-phone service CPSS – Red Book – 2012 203 Hong Kong SAR PVP Payment versus payment RDs Recognised Dealers RLBs Restricted Licence Banks RTGS Real-time gross settlement SAP Settlement Account Processor SEHK Stock Exchange of Hong Kong SFC Securities and Futures Commission SI Settlement Institution 204 CPSS – Red Book – 2012 Hong Kong SAR 1. Introduction Designed to expedite economic transactions and financial intermediation in the region, Hong Kong SAR’s financial infrastructure features a number of enhancements that smooth payment flows and allow banks to use liquidity more efficiently. The efficiency of these payment and settlement systems helps to consolidate Hong Kong’s position as an international financial centre and a settlement hub of the region. Hong Kong’s financial infrastructure can be categorised into three components: payment systems for the settlement of interbank payments; debt securities settlement systems for the settlement and custody of debt securities; and system links to provide payment-versus- payment and delivery-versus-payment services, as well as external links to facilitate cross- border transactions. 1.1 The general institutional framework Specific legal and regulatory requirements provide for the oversight of important payment systems in Hong Kong. Moreover, a number of laws have a direct bearing on various payment instruments and institutions. The relevant ordinances and regulations are set out in the following sections. 1.1.1 Payment systems and instruments Oversight of designated systems The Clearing and Settlement Systems Ordinance (CSSO), which came into force in November 2004, empowers the Hong Kong Monetary Authority (HKMA) to designate and oversee clearing and settlement systems that are material to the monetary or financial stability of Hong Kong, or to the functioning of Hong Kong as an international financial centre. The purpose of the CSSO is to promote the general safety and efficiency of the designated systems. The CSSO also provides statutory backing for the finality of settlement for transactions made through systems designated under the Ordinance by protecting the finality of settlement from insolvency laws or other legislation. Informal oversight of retail payment systems Unlike large-value interbank payment systems, retail payment systems, which handle large volumes of relatively low–value transactions, generally pose few, if any, systemic risks. The HKMA therefore considers that retail payment systems are in general not systemically significant enough to be designated under the CSSO. However, the HKMA encourages the retail payment industry to adopt a self-regulatory approach by issuing codes of practice to promote the system’s safety and efficiency. The Code of Practice for Multi-purpose Stored Value Card Operation, which came into effect in August 2005, sets out the principles covering operational reliability, data security, and the efficiency and transparency of multipurpose stored-value card (MPC) issuers, system operators and merchant acquirers in Hong Kong. The Code of Practice for Payment Card Scheme Operators, which came into effect in January 2007, sets out principles covering operational reliability, data and network security, and the efficiency and transparency of credit and debit card operations of card scheme operators in Hong Kong. The HKMA monitors the industry’s compliance with the two codes of practice. Other relevant ordinances and regulations Section 3A(1) of the Exchange Fund Ordinance provides that the Financial Secretary may require authorised institutions (see Section 1.2.1.1) to open a settlement account with the HKMA and to operate it on such terms and conditions as the Financial Secretary considers appropriate. The Financial Secretary delegates this power to the Monetary Authority. CPSS – Red Book – 2012 205 Hong Kong SAR The Legal Tender Notes Issue Ordinance regulates the issue of banknotes and currency notes. Under the ordinance, the banknotes issued by the Bank of China (Hong Kong) Limited, the Standard Chartered Bank (Hong Kong) and The Hongkong and Shanghai Banking Corporation are legal tender within Hong Kong. The legal definition of a cheque is stipulated in the Bills of Exchange Ordinance. According
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