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2 ACCOUNT
2.1 ACCOUNT STRUCTURE
2.1.1
ACCOUNT TYPE
There are eight types of clearing accounts in DCASS for trade and position keeping:
House Account
Market Maker Account
Omnibus Client Account
Individual Client Account
Client Offset Claim Account
Daily Account
Sink Account
APT Account
A brief description of their function, their position keeping method and margining style is
listed below.
Account
Type
House
Function
Position Keeping
Method
Net
Margining Style
Market Maker
Keep trades and
positions of Market
Makers
Net
Net
Omnibus
Client
Keep trades and
positions of clients on
an omnibus basis
Gross
Gross
Individual
Client
Keep trades and
positions for a single
individual client.
Net
Net
Client Offset
Claim
Keep spread and
offsetable positions of
individual clients for
client offset claim
purpose
Gross
Net
Daily
A system account
works as an
intermediate account
for Average Price
Trade operation.
Trades and positions
can only be kept in
Daily Account for the
day and must be
allocated to other
accounts before the
end of a business day.
Otherwise, the trades
and positions will be
emptied to the Sink
Account.
If intra-day margin is
triggered when there
are positions in the
Daily Account during
the day, the margining
style on such
positions will be gross.
Keep proprietary
trades and positions
Net
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Account
Type
Sink
Function
Position Keeping
Method
A system default
Trades and positions
account to keep
will be attributed to
trades and positions
house account and
not emptied from Daily will be kept gross.
Account at the end of
a business day.
Clearing Participants
will be required to
move trades/positions
out of the Sink
Account to other
accounts on the next
day.
Margining Style
APT
A system default
Intermediate trades
account used for
with zero position
calculating average
price trades. It will
store the contract
value difference as a
result of the rounding
difference in the
calculation of the APT.
N/A
Gross
Notes:
1) Account types "CNET" and “ANET” are reserved for Clearing House internal use
only. Clearing Participants should ignore any accounts assigned with this account
type
2) During the day, an account with “Net” position keeping method may still have both
long and short positions. The “Auto-Netting” process carried out during the After
Business process will automatically net off the positions
Separate sets of clearing account types will be created for SEOCH and HKCC
Participants.
For General Clearing Participants (“GCP”), a separate set of clearing account types
(excluding the Daily Account, Sink Account and APT Account) will be created for
keeping the trades and positions of each Non-Clearing Participant registered under its
appointed GCP. For account structure of Non-Clearing Participant, please refer to
section 2.1.3
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2.1.2
NAMING CONVENTION
Account Type
HKCC
SEOCH
House
HK CABC H(1)
HK CABC Hn(2)
HK CABC H-XXXXX(3),
HK CABC Hn-XXXXX
HK CABC P
HK CABC Pn
HK CABC P-XXXXX
HK CABC Pn-XXXXX
Market Maker
HK CABC R-XXXXX
HK CABC nnnn-XXXXX
HK CABC M-XXXXX
HK CABC Mn
Omnibus Client
HK CABC C
HK CABC Cn
HK CABC C-XXXXX
HK CABC A
HK CABC An
HK CABC A-XXXXX
Individual Client
HK CABC Cnnnn
HK CABC Annnn
Client Offset Claim
HK CABC C9nnn
HK CABC A9nnn
Daily
HK CABC DA
HK CABC DAS
Sink
HK CABC SINK
HK CABC SINKS
APT
HK CABC APT
Notes:
1) “CABC” is the DCASS customer code assigned by HKCC/SEOCH
2) “n” represents a numerical value ranging from 0 to 9
3) “XXXXX” is the user group assigned by HKEX’s Trading Department for Exchange
Participant “ABC”
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2.1.3
EXAMPLE
The followings are the DCASS account structure of:
(i) a Clearing Participant of HKCC
(ii) a Direct Clearing Participant of SEOCH:
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Notes:
1)
Trades for HKFE products executed at HKATS will store in the corresponding
DCASS account and the position will be shown in the “C1” account. E.g. If traders
of “ABC” specified “C” as the account to store the trades, the trades will be
propagated to “HK CABC C”. The position will be shown in “HK CABC C1”
Trades for stock options executed at HKATS will store in the corresponding DCASS
account and the position will be shown in the “A1” account. E.g. If traders of “ABC”
specified “A” as the account to store the trades, the trades will be propagated to “HK
CABC A”. The position will be shown in “HK CABC A1”
2)
If no account information or an invalid account is specified in the order (e.g. trader
of “ABC” enters “CC” instead of “C1” as the account to store the trade), the system
will automatically store the matched trade into a default account preset in HKATS.
If the default account is “HK ABC C”, the trade will be propagated to “HK CABC C”,
“Errol log” will be shown under the “Attention” field in the Trade History window for
that particular trade
3)
Trades that executed at HKATS and then propagated to DCASS can be identified in
the Trade History Window by having “Global deal nbr” with value and “Org. trade
nbr” being blank
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The followings are the DCASS account structure of:
(i) a Non-Clearing Participant registered under its appointed General Clearing
Participant of HKCC
(ii) a Non-Clearing Participant registered under its appointed General Clearing
Participant of SEOCH
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2.2 ACCOUNT DETAILS WINDOW
The Account Details window displays information about the Clearing Participant’s
accounts.
Search results can be filtered by specifying part of, or a full account name, and also by
using the checkboxes in the Account State field. Account States are “Active”, “Inactive”,
“Deleted” or “Registered”. Checking the “All” checkbox will include all states in the
search.
Selection Filters:
Filter
Account
Account State
Description
Specify a particular account, or use the wildcards (* and %) to
retrieve the matching accounts.
Only the accounts of the states checked will be displayed:
All, Active, Inactive, Deleted or Registered
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List Columns
Field
Account
Description
Indicates the Account ID
Account text
Will be used to specify the owner of the account if a customer is
created to clear both HKCC and SEOCH products.
Auto Netting
Indicates whether the account’s position will be automatically
netted during the After Business process. If the position keeping
method of this account is “net”, it will be set to “yes”.
For the account marked as “Auto Netting”, there is no need to
perform “Position Netting” operation.
Created
The time and date on which this account was created.
Emptied To
Trades that are not dealt with before After Business processing will
be transferred to this account.
Fee Type
Fee association for the account
Position Acct
If a Position Account is defined for an account, this is where the
positions are being held. Otherwise, positions are retained in the
account.
Margin Acct
This is the account responsible for the margin calculations of all the
accounts assigned to it.
If a margin account which is not a CNET or ANET account (CNET
and ANET accounts are reserved for Clearing House internal use)
is defined for an account, the margin calculations for such account
will take place at the margin account.
Otherwise, margin
calculations will take place at the account where the positions are
held.
Modified
The last time any field of the Account Details was changed.
Settlement Acct
The HKATS account in which this account is connected to.
State
The state of the account. Possible states are:
“Active”, “Inactive”, “Registered” and “Deleted”
Account Type
Shows the account types which are grouped into two groups:
HKCC and SEOCH (Please refer to Section 2.1 “Account
Structure”)
Type
House A/C
Market Maker A/C
Omnibus Client A/C
Individual Client A/C
Client Offset Claim A/C
Daily A/C
Sink A/C
APT A/C
HKCC
HOUSE
MM
OMNIBUS
CLIENT
CLIENT
DAILY
SINK
APT
SEOCH
HOUSE_O
MM_O
OMNIBUS_O
CLIENT_O
CLIENT_O
DAILY_O
SINK_O
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Please note that not all the columns available in the windows will be relevant, and as
such, this manual will only list those which are relevant to each window. Those
columns that are not contained in the guide can be ignored as they are not applicable to
our operations.
Note:
The following columns are not applicable and are not used:
Confirmation By CSD Account Custodian
Investor Type
Bank
Nationality
Read Access Risk
Risk Currency
Conversion
Trade Acct
Account Alias
Journal Number
Risk Margin Net
For convenience, it is recommended that the non-applicable columns be hidden when
using the application.
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2.3 ACCOUNT PROPAGATION WINDOW
This window is used for displaying information about propagation relationship. As
mentioned above, trades from HKATS accounts will go directly to DCASS accounts.
Such relationships are referred to as “Trade Propagation”. Similarly, positions of an
account may be stored in another account, this relationship will be termed as “Position
Propagation”.
An account must be entered into the Account field to perform a search. Wildcards can
be used in the Propagation Account field. In this example, positions of account HK
CGA1 P will be shown in account HK CGA1 P1.
List Columns
Field
Description
Account
Account identification <exchange member number> of the position
account, that is the receiving account.
Propagates
Propagated item type option:
Trade
Position
Margin
Settlement
Origin
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2.4 ACCOUNT POSITION WINDOW
The Account Position window allows users to view the positions in the accounts at that
particular time. It displays the Long and Short positions held in each of the Clearing
Participant’s account. Specific accounts and series can be filtered for more relevant
results.
Checking the “Aggregate” checkbox will provide the total positions held for each series,
irrespective of which account it is held in. An “*” in the Account column signifies that
positions on that particular series are held in more than one account for the Clearing
Participant.
The default value of “CTD” for field “Date” will provide the real time position information.
If “O/N” is selected, the start of day positions (Long and Short) will be provided. “CTD”
and “O/N” are the positions brought forward from last business day after considering any
capital adjustment if there is any. If “NTD” is selected, the positions (Long and Short)
of next clearing day will be provided.
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For SEOCH user, the options [Expires] and [Only deny] can be used to check the
“Denies auto” figure (This “Denies auto” is only applicable for SEOCH. See “Deny
Automatic Exercise” ). The [Expires] button will filter out positions that are not expired
today.
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The [Only deny] button will show positions with “Denies auto” figure not equal to zero.
Selection Filters:
Filter
Account
Description
Specify a particular account, or use the wildcards (* and %) to
retrieve the matching accounts.
Position account should be used for searching (e.g. HK CGA1 C1).
Searching an account with position propagation (e.g. HK CGA1 C)
will yield nothing.
Series
Specify a particular series, or use the wildcards (* and %) to
retrieve the matching series.
Date
CTD: the default value. Lists the current position for the current
trading day
NTD: Lists the position of next trading day
O/N: provides the start of day position holding (Long and Short
figures only. Other figures are not O/N figures)
Expires
Checked to show the position that will be expired today.
It should be used when Clearing Participants would like to check
the positions with deny automatic request issued.
Only deny
Checked together with “Expires” checked will show the positions
that are going to be expired today and with Denies Auto figure not
equal to 0.
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List Columns
Field
Account
Description
The account in which the positions are held
Series
The series of the positions held
Long
The number of long positions held. Blank indicates zero
Short
The number of short positions held. Blank indicates zero
Net
The net position of the account (i.e. Long minus Short)
Contr. Size
The size of the contract
Cov. Qty
The covered quantity (only applicable to call options on HK Stock,
see Section 5.4 “Covered Call”)
Denies Auto
The quantity which does not participate in auto-exercise (only
applicable to SEOCH’s product, see Section 4.4 “Deny Automatic
Exercise”)
The time and date when the position was last modified
Modified
Notes:
1) The following columns are not applicable and are not used:
Delivery Start
2)
ISIN
On non-business days, DCASS Server is not connected to the DCASS Host.
Positions information displayed in the DCASS Terminal may not be correct.
Reports TP001 and TP002 should be used instead.
Right-clicking a position in the Account Position window will activate the following menu.
This menu provides direct access to various functions
Trade History: (See section 3.2);
Exercise Request: (See section 4.1)
Transfer Position: (See section 2.4.1); Deny Automatic: (See section 4.4)
Covered Call: (See section 5.4);
Cross Product Netting: (See section 2.4.3)
Pos. to Net down: (See section 2.4.2)
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2.4.1
POSITION TRANSFER
The Position Transfer function is used to move positions from any one account except
the Daily and Sink accounts to another. The positions moved can be partial or in whole
but the new account must belong to the same Clearing Participant.
Open the window by selecting “Transfer Position” from the Account drop down menu in
the main Terminal menu bar or by right-clicking a position from the Account Position
window.
The above screen dump shows the transfer of 64 CTD long positions of HEX122.50S3
and 64 CTD short positions of HEX122.50S3 from account A1 to P1 for the Clearing
Participant CGA1.
1. Specify an account in the “Account” field (wildcards cannot be used)
2. Specify the series in the “Series” field (wildcards can be used)
3. Select “CTD” or “NTD” in the “Date” field
4. Click the <Search> button at the bottom of the window and all the positions fitting the
search criteria will be shown
5. The “Long Transfer” and “Short Transfer” fields represent the quantity of the Long
and Short positions to be moved to the new account respectively. By default, these
fields consist of the full quantity of the positions held. Change the quantity if
needed, “0” or blank means that no positions are transferred
6. Specify how the transfer is to be updated in “O/C/N/D” field
7. Input the new account to which the positions are to be moved in the “New Account”
field
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8. Check that the details are correct and click the <Transfer> button to make the
transfer. Confirmation is not required
9. After the transfer, the “Long Transfer” and “Short Transfer” fields will consist of the
remaining quantity of the positions held. Close the window if no further transfer is
required.
Notes:
1) The positions will be updated by trades marked “Pos. Transfer” (Free Text) and
“Transfer” (Type) which can be seen in the Trade History window
2) When Clearing Participants encounter the message “account does not exist" during
position transfer, Clearing Participants should stop and input a correct New account
3) “CTD” position transfer can be performed only before the System Input Cutoff Time
4) “NTD” position transfer is applicable to AHFT products only and it can be performed
after CTD position has been finalized.
Selection Filters:
Filter
Account
Description
Specify the account that currently holds the position to be
transferred. Wildcards cannot be used for this particular field.
Series
Specify a particular series, or use the wildcards (* and %) to
retrieve the matching series.
New Account
Input the account into which the positions will be transferred.
Date
Select CTD or “NTD” position
List Columns
Field
Series
Description
The series of the positions held
Long
The number of long positions held. Blank indicates zero
Long Transfer
The number of long positions to be transferred to the new
account. Blank indicates zero.
By default this field contains the full quantity of the long positions
held.
Short
The number of short positions held. Blank indicates zero
Short Transfer
The number of short positions to be transferred to the new
account. Blank indicates zero.
By default this field contains the full quantity of the short positions
held.
O/C/N/D
Specifies the intended effect of the transfer on the new account
O Open
C Closed
N Net (i.e. close as much as possible)
D Default (i.e. open)
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2.4.2
POSITION NETTING
The Position Netting function allows the Clearing Participants to net down the position in
all accounts except for the Daily and Sink accounts. Netting down can only be
performed as long as there are both long and short positions held in the same accounts
on the series.
To perform position net down:
1. Open the Account Position window and select the
position to be netted down
2. Right click on the position and select “Pos. to Net
Down” from the pop-up menu
3. The Positions to Net Down window will appear with
the corresponding “Account”, “Series” and “Date”
fields filled in. The “Net Down By” field will be
filled with the maximum allowed quantity and users
can manually change this field to a smaller number
4. Click <Send>
5.
Notes:
1) Like Position Transfers, trades will be generated by Position Netting and can be
searched in the Trade History window. The Free Text of the corresponding trades
are marked as “LongPosNetting”
2) ABoth
“CTD” and
position
willthe
bedetails
updated
6.
confirmation
box“NTD”
will appear
with
of if the position netting is performed
before the System Input Cutoff Time
the operation
3) After the System Input Cutoff Time, position netting can be performed for AHFT
products only and after “ CTD” position has been finalized. After action, only
7. Click
<OK>
to confirm
theupdated.
operation
“NTD”
position
will be
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2.4.3
CROSS PRODUCT NETTING
The Cross Product Netting function is used to input position closing request between
standard and mini HSI/HHI series. Cross product netting can only be performed for
standard and mini series having the same contract month, strike price, call/put but with
opposite positions at a ratio of 1:5. Clearing Participants must send their request in this
window to perform cross product netting operation for non-autonetting accounts. For
autonetting accounts, if needed, Clearing Participants can perform cross product netting
in real time.
Otherwise, offsetable positions in autonetting accounts will be
automatically closed out during AB process.
For position netting between standard and Flexible Option series, Clearing Participants
should submit Form 4 “On-Behalf Internal Position Adjustment Request Form” to HKCC
for the position closing request for all accounts. Offsetable positions of Flexible
Options series in the autonetting accounts WILL NOT be automatically closed out
during AB process.
To perform cross product netting:
Open the window by selecting “Cross Product Netting” from the Deal-Trade drop down
menu in the main Terminal menu bar or by right-clicking a position from the Account
Position window.
A
B
1. Specify the series in the “Series” field (wildcards can be used)
2. Specify an account in the “Account” field (wildcards can be used)
3. Specify the date in the “Date” field (CTD or NTD)
4. User can tick checkbox [Calculate Max offsetable Values] to request the
calculation of the maximum offsetable values for each pair of positions. [Include
Autonetting accounts] and [Include Non-autonetting accounts] checkboxes are
used to include or exclude autonetting accounts and non-autonetting accounts
from the searching result
5. Click the <Search> button at the bottom of the window to show all the offsetable
positions that meets the search criteria
6. The cross product netting window can be divided into two parts: (A) ‘Current
Holding’ columns and (B) ‘Action’ columns. For each pair of positions, user
should specify the number of standard contract to be netted down in the field of
<Act Std Long> and <Act Std Short> (columns in RED) and the corresponding
mini contracts of <Act Mini Short> and <Act Min Long> will be automatically
calculated respectively. “0” or blank means that no positions are to be closed.
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(e.g. In the above screen dump of “Cross Product Netting” window, the request is
to close 240 lots of HSIZ3 long position against the 1,200 lots of MHIZ3 short
position, and 220 lots of HSIZ3 short position against the 1,100 lots of MHIZ3
long position.)
7. Verify the details and click the <Send> button to make the transfer
8. A confirmation window will pop up for user’s confirmation
9. Click <OK> to confirm the operation
10. For rows being executed successfully, the status will be updated to “Succeeded”.
For rows not processed, status will be shown as “Failed”. Close the window if
no further netting is required
Note:
Like Position Netting, trades will be generated by Cross Product Netting and can be
searched in the Trade History window. The Deal source and Free Text of the
corresponding trades are marked as “XprdNet” and “Crs pdt netting”. “CTD” cross
product netting can be performed only before the System Input Cutoff Time and “NTD”
cross product netting can be performed only after “CTD” position has been finalized.
Selection Filters:
Filter
Series
Description
Specify a particular series, or use the wildcards (* and %) to
retrieve the matching series.
Account
Specify the account or use the wildcards (* and %) to retrieve the
accounts that currently hold the offsetable positions.
Date
Select CTD or NTD position to be netted down.
Calculate max
offset values
Specify if Clearing Participants want to calculate the maximum
offsetable values
Include Autonetting Specify if autonetting accounts are to be included.
accounts
Include
Specify if non-autonetting accounts are to be included.
Non-autonetting
accounts
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List Columns
Field
Account
Description
The account of the positions held
Std Series
The standard series of the positions held
Cur Long
The number of long positions held on standard series. Blank
indicates zero
Cur Short
The number of short positions held on standard series. Blank
indicates zero
Mini Series
The corresponding mini series of the positions held
Cur Mini Long
The number of long positions held on mini series. Blank indicates
zero
Cur Mini Short
The number of short positions held on mini series. Blank indicates
zero
Act Std Long
The number of standard long positions to be netted down.
Default value is “0” if [Calculate Max offsetable Values] is
unchecked. When [Calculate Max offsetable Values] is checked,
it will show the max offsetable long positions for the standard
series
Act Std Short
The number of standard short positions to be netted down. Default
value is “0” if [Calculate Max offsetable Values] is unchecked.
When [Calculate Max offsetable Values] is checked, it will show
the max offsetable short positions for the standard series
Act Mini Long
The number of mini long positions to be netted down. A
read-only figure which is automatically calculated based on the
Act Std Short
Act Mini Short
The number of mini short positions to be netted down. A read-only
figure which is automatically calculated based on the Act Std Long
Status
The status to indicate the result of the net down action
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