DCASS - Frequently Asked Questions
Updated: 8 December 2016
General
Q1:
What is DCASS?
A:
DCASS stands for Derivatives Clearing And Settlement System which serves as
a single clearing and settlement system for both the HKFE Clearing Corporation
Limited (HKCC) and The SEHK Options Clearing House Limited (SEOCH).
DCASS was launched since April 2004 and has been upgraded to Genium INET
Platform in October 2013.
DCASS shares the same platform and infrastructure with the derivatives trading
system, HKATS. HKATS and DCASS form the integrated trading and clearing
system for the derivatives markets of HKEX.
Q2:
What are the DCASS Access Fees?
A:
Each DCASS connection (either via DCASS Terminal or OAPI application) is
subject to a DCASS sub-license fee, as follows:
(i) via Participant’s Network
Gateways
HK$1,750 per month per DCASS connection
(ii) via HKEX’s Central
Gateways
HK$2,600 per month per DCASS connection
Note:
For DCASS connection via Network Gateways, each Network Gateway
will be subject to a one time installation cost of HK$8,500 and a monthly
recurring cost of HK$3,000.
Moreover, regarding the monthly recurring service cost for the telecommunication
lines, please refer to the contact details of the Accredited Vendors at HKEX
website.
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DCASS - Frequently Asked Questions
DCASS Connection
Q3: What is DCASS Server?
A:
DCASS Server is a machine that is installed with server application and MUST be
located in Hong Kong. It is connected to DCASS Host via the dedicated
telecommunication lines (SDNet).
A DCASS Server can also serve as a DCASS Terminal.
Q4: What is DCASS Terminal?
A:
Participants can access DCASS through the DCASS Terminal which is designed to
support Participant with low to medium clearing volume as it facilitates manual input
of post trade activities. DCASS Terminal is connected through DCASS Server via
Participants’ Network Gateways or HKEX’s Central Gateways.
Q5: What is DCASS OMnet Application Programme Interface (OAPI) Application?
A:
Instead of terminal input via DCASS Terminal, Participant with high clearing volume
can opt to connect to its back office system directly to DCASS via Participant’s own
OAPI application, to achieve straight through clearing process.
Q6: Are there any restrictions on the number of DCASS Terminals to be installed
and connected to a DCASS Server?
A:
There is no restriction on the number of DCASS Terminals to be installed in a
Participant's office. However, there is a restriction of five concurrent login of DCASS
Terminal users.
Q7: What type of gateway which Participants can connect their DCASS Servers
and OAPI applications with DCASS Host?
A:
Participants can connect to DCASS through Participants’ Network Gateways (NGs)
or HKEX’s Central Gateways (CGs). The remote NGs are installed in the
Participants’ premises as a dedicated device, while CGs are located at HKEX’s
premises.
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DCASS - Frequently Asked Questions
Q8: What are the differences of having DCASS connection via Participants’ NGs
and HKEX’s CG?
A:
Connection via HKEX’s CG
By using CG, Participants may be able to reduce the setup and the maintenance
cost of NG hardware to be housed in their offices. In case of failure of HKEX’s CG,
HKEX can arrange contingency gateway for Participants shortly in order to mitigate
the disruption to Participants’ normal operations.
Besides, any future
enhancement of CG is at HKEX’s own cost.
Connection via Participants’ NGs
If Participants opt to choose NGs for DCASS connection, they have to bear the
acquisition cost of NG and the on-going maintenance. In case of failure of
Participants’ NGs, Participants have to seek support from their vendors and can
also request for the use of HKEX’s contingency gateway which is subject to charge.
Lastly, as a transitional arrangement, HKEX will support DCASS connection via
NGs until 2017, tentatively.
The maximum number of connections (HKATS + DCASS) to each HKATS Network
Gateway (NG) is 10. Participant can install any number of DCASS Server to a
HKATS NG provided the total number of HKATS and DCASS connections does not
exceed 10 and there is sufficient bandwidth of SDNet/2.
Another alternative is to install a dedicated NG for DCASS, which can be connected
to a maximum of 10 DCASS Servers and OAPI applications provided that there is
sufficient bandwidth of SDNet/2.
A pair of 3Mbps SDNet/2 lines is optimal for supporting 1 DCASS Server plus up to
3 non-report download related OAPI applications. Please note that Clearing
Houses have the absolute discretion to terminate the Participant’s connection with
DCASS if the minimum SDNet/2 bandwidth requirement is not fulfilled.
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DCASS - Frequently Asked Questions
Q9: Should Participant power off the DCASS Server before leaving the office?
A:
Participant should not power off any DCASS Servers on a daily basis. If the
DCASS Server is powered off, Participants will not be able to receive day end
DCASS reports transmitted from DCASS Host promptly.
Participant should logout from DCASS Terminals before they leave the office and
keep the DCASS Servers remain "POWER ON". DCASS Servers should only be
powered off and rebooted during weekends and public holidays.
Q10: Should Participant perform any housekeeping tasks to the DCASS Server?
A:
Participants are advised to:
(i)
Reboot of DCASS Server at least on a weekly basis, preferably during
weekend. Please refer to Section 1.6.5.1 of DCASS Terminal User Guide
for details
(ii)
Monitoring of DCASS Server database size usage on a regular basis, to
ensure normal database size and smooth operations. Please refer to
Section 1.6.5.2 of DCASS Terminal User Guide for details.
Synchronise the PC clock of the DCASS Server with the Hong Kong
Observatory at least on a monthly basis
(iii)
Ensure the defaulted housekeeping job can run on the DCASS Server as
scheduled.
Q11: What should Participant
disconnected?
A:
do
if
the
DCASS
Server
is
accidentally
Participant should contact the Clearing Houses at 2211-6932 immediately for
assistance and advice.
Q12: What should Participants do if they want to install/ relocate/ re-install/
terminate DCASS Server/ Terminal?
A:
Participants should submit Application Form for DCASS / CCMS Terminal to the
Clearing Houses for the above actions. They could contact the DCASS Hotline at
2979-7222 for details and related costs. For information of the DCASS connection,
please refer to Questions 3 to 8 of this FAQ.
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DCASS - Frequently Asked Questions
Q13: Can Participant install the DCASS Terminals in their overseas branch
offices?
A:
Participants can install DCASS Terminals in their overseas branch office, provided
that (i) they have obtained HKEX’s approval for remote clearing operations; and (ii)
they can arrange connection between their Hong Kong and overseas offices.
Participants should note that HKEX would not provide any support for the DCASS
Terminals installed in their overseas offices and Participants need to perform their
own DCASS Terminals commissioning.
Clearing Processing Schedules and Operations
Q14: When can Participants perform post-trade activities like give-up, take-up,
trade rectification, etc. via DCASS?
A:
Participants can start to perform post-trade activities input from 7:30 a.m. to 6:45
p.m. for major markets. Post-trade activities for Stock Index Futures and RMB
Currency Futures will be available till 12:30 a.m. on next calendar day, while
post-trade activities for London Metal Mini Futures will be available till 1:45 a.m. on
next calendar day. If the input is performed outside the stipulated time period, an
error message "Illegal transaction time" will be prompted in the DCASS Terminal.
DCASS online for T Session will be closed at 6:45 p.m. on each business day,
including the expiry day of options and the last trading day of futures. Participants
should ensure that they have completed their inputs before the stipulated cutoff
time.
Moreover, Participants are strongly encouraged to complete their daily post-trade
activities 30 minutes before 6:45 p.m. The remaining 30 minutes to 6:45 p.m.
should be treated as the Emergency Buffer for post-trade input.
For details of the DCASS operation timeline, please refer to 1.3 of the DCASS
Terminal User Guide.
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DCASS - Frequently Asked Questions
Q15: What should Participants do if they expect that they could not complete their
post-trade activities for T Session before the System Input Cutoff Time (i.e.
6:45 p.m.)?
A:
If a Participant expects that it cannot meet the System Input Cutoff time of 6:45 p.m.,
he should contact the Clearing House at 2211-6932 as soon as possible.
Participant should complete and submit the duly authorized on-behalf input request
forms to the Clearing Houses before 6:45 p.m. The Clearing Houses would
perform the input on the Participant's behalf on a best effort basis, depending on
the resources available at the time. The Clearing Houses will not accept any
on-behalf input request forms submitted after the deadline of 6:45 p.m.
On-behalf input will be subject to a charge as stipulated in the Rules and Procedures
of the Clearing Houses. Processing charge for on-behalf input is $50 per
transaction with a minimum charge of $500 per day.
Q16: Where can Participants find the operational forms?
A:
The operational forms can be found at HKEX website. For the specimen of
commonly used Operational Forms for HKCC and SEOCH, please refer to
Appendix 4 of the DCASS Terminal User Guide (A4.2 and A4.3).
Q17: What is the transmission schedule of Exercised Options Trades (EOTs) from
SEOCH to CCASS resulting from exercise and assignment of stock options?
A:
The EOTs will be transmitted to CCASS on the date of exercise and assignment.
SEOCH will not include these EOTs in calculation of margin on the date of exercise
and assignment. Instead, CCASS will include those EOTs in the Provisional
Clearing Statement and in the calculation of Marks, Margin and Concentration
Collateral on the date when the EOTs are received from SEOCH. For those
SEOCH Participants selected for SEOCH to collect and pay Marks, Margin and
Concentration Collateral of EOT pending stock positions, SEOCH will effect a
transfer on T+1 day for the amount demanded by HKSCC from the SEOCH
Participant’s designated House CCMS Collateral Account to HKSCC’s CCMS
Collateral Account.
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DCASS - Frequently Asked Questions
Q18: What are the requirements for trade adjustments in respect of Block Trade?
A:
For SEOCH Participant, trade adjustments in respect of a Block Trade shall be
submitted by SEOCH Participants at any time 30 minutes prior to the System Input
Cutoff Time on the same Business Day or 30 minutes prior to the System Input
Cutoff Time on the next Business Day. For details, please refer to SEOCH
Procedures section 5.4.5.
For HKCC Participant, for Block Trades executed during the T Session on a
Business Day, trade adjustment request may be submitted at any time 30 minutes
prior to the System Input Cutoff Time on the same Business Day or 30 minutes prior
to the System Input Cutoff Time on the next Business Day. For Block Trades
executed during the T+1 Session on a Business Day, trade adjustment requests
may be submitted at any time 30 minutes prior to the T+1 Session Cutoff Time on
the same Business Day or 30 minutes prior to the System Input Cutoff Time on the
next Business Day. For details, please refer to HKCC Procedures section 1.4.1.
Q19: How many account types are there in DCASS?
A:
There are a total of 8 account types in DCASS for trade and position maintenance:
House Account
Client Offset Claim Account
Market Maker Account
Daily Account
Omnibus Client Account
Sink Account
Individual Client Account
APT Account
The details of each account type can be found in chapter 1 of the HKCC
Procedures, chapter 1 of the SEOCH Procedures and chapter 2 of the DCASS
Terminal User Guide.
Q20: What is the use of DCASS Individual Client Account?
A:
Upon the requests of Participants, Clearing Houses may in its absolute discretion
establish and maintain one or more Individual Client Accounts for the Participants.
The Individual Client Account is for the recording of trades and positions of each
individual client of a Participant. Positions are maintained and margined on a NET
basis in an Individual Client Account. Participants should ensure that all positions
maintained in an Individual Client Account belong to one client only, and such trades
and positions are not held by a client operating an Omnibus Account.
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DCASS - Frequently Asked Questions
Q21: What is the use of DCASS Client Offset Claim Account ("COCA")?
A:
Each HKCC Participant will have one COCA. Upon the requests of HKCC
Participants, Clearing House may in its absolute discretion establish and maintain
more than one COCA for the HKCC Participants. COCA is for the recording of
positions of individual clients of an HKCC Participant which are of an offset nature.
The offset criteria can be found in chapter 2 of the HKCC Procedures. Positions in
each portfolio for offset claim must belong to the same client. Positions in COCA
are maintained on a GROSS basis, but margined on a NET basis. HKCC
Participants should ensure that all positions maintained in COCA for margin offset
can be reconciled with their internal records.
Upon the request of SEOCH Participants, HKEX may in its absolute discretion
establish one COCA. Positions in COCA are maintained on a GROSS basis, but
margined on a NET basis. SEOCH Participants should ensure that all positions
maintained in COCA for margin offset can be reconciled with their internal records.
Margin offset through COCA must be claimed in pairs of client positions and only the
position pairs fulfilling ALL the following conditions are eligible:
(i) The pair of positions is in the Omnibus Client Account;
(ii) The pair of positions belongs to the same beneficial owner; and
(iii) The positions forming the pair are one short put and one uncovered short call
positions sharing the same underlying
Q22: What is the use of DCASS Daily Account?
A:
The DCASS Daily Account serves as an intermediary account to which trades can
be transferred on a temporary basis for average price trade calculation or other
purposes.
Positions recorded in the DCASS Daily Account are maintained on a GROSS basis
during the day. Any positions for T Session remained in the DCASS Daily Account
after the Input Cutoff Time of 6:45 p.m. will be automatically transferred to the Sink
Account of the Participant.
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DCASS - Frequently Asked Questions
Q23: How can Participants obtain trade detail information?
A:
Participants can check real-time trade details via the "Trade History" Window. A
"Cross Trade" will have the deal source "EMP1br".
If Participants would like to see only the trades of Stock Options market, they can
make use of the "Markets" Window to filter the trades.
On the other hand, Participants can also refer to the DCASS reports "TP001 Position
Details" and "TP003 Position Movement Details".
Q24: How can Participants obtain position information?
A:
Participants can enquire position balance via the "Account Position Window".
Participants can also refer to the DCASS reports "TP001 Position Details" and
"TP002 Position Summary".
Q25: How should Participants do if they have net down positions wrongly?
A:
If Participants net down a position wrongly, they CANNOT reverse or re-open the
positions themselves via the DCASS Terminals or DCASS OAPI applications.
They have to complete stipulated request forms (HKCC: Form 6; SEOCH: Form A6)
and submit to the Clearing Houses for on-behalf adjustment before System Input
Cutoff Time of 6:45 p.m. within 5 business days after the closing of the position.
Q26: How would the cross product position netting between different series (i.e.
standard vs mini series or standard vs Flexible Option series) be handled?
A:
Currently, cross product position netting available in HKCC applies to positions
between
(i)
HSI options/futures and Mini-HSI options/futures,
(ii) HSCEI options/futures and Mini-HSCEI options/futures, and
(iii) Standard and Flexible Options.
For (i) and (ii), Participants can use the Cross Product Netting function in the
"Account Position Window" of DCASS Terminal to input position closing request for
both auto-netting and non auto-netting accounts. Nevertheless, off-settable
positions in auto-netting accounts will be automatically closed out during AB
process.
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DCASS - Frequently Asked Questions
For (iii), participants should submit Form 4 “On-Behalf Internal Position Adjustment
Request Form” to HKCC for the position closing request for all accounts.
Off-settable positions in auto-netting accounts WILL NOT be automatically closed
out during AB process.
Q27: How can Participants perform a trade give-up or take-up in DCASS?
A:
Giving-up Participants can use the "Give Up Window" to perform trade give-ups, and
to check or reject (if any mistakes are made) their give-up requests via the "Holding
Give Up" Window. Participants can give up T day trades and T-1 day trades via the
DCASS Terminals.
Taking-up Participants can use the "Holding Give Up" Window to either take up or
reject the trade give-up requests via the DCASS Terminals.
A trade is successfully transferred provided that the give-up party has submitted the
give-up successfully and the take-up party has confirmed the take-up successfully.
If there are any give-up requests in holding state (i.e. not confirmed the give-up
trades) after the System Input Cutoff Time of 6:45 p.m., these requests will be
automatically rejected and the relevant trades will remain with the give-up
participants in the batch process.
Q28: How can Participants transfer trades out of the "Sink Account"?
A:
Any trades remained in the Daily Account "DA" as at the day-end will be
automatically transferred to the Sink Account during the DCASS day-end batch
process. Participants are required to move out those trades from the Sink Account
before the System Input Cutoff Time of the next business day. A Participant can
use the "Rectify Trade" function to moves out these trades to other correct
account(s) within itself or give-up them to other Participants.
Q29: What is the rounding mechanism when performing "Average Price Trade"
(APT) transaction?
A:
In calculating the average price of those trades included for an APT, normal rounding
will be applied. Any difference arising from the rounding mechanism will remain in
the APT Account of the Participant. An APT trade can be combined with other
trades to form another new APT trade.
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DCASS - Frequently Asked Questions
Q30: When will the settlement fee and exercise/assignment fee be charged?
A:
For HKCC, the settlement fee will be charged on any unclosed spot month futures
contracts on its last trading day.
For HKCC, the exercise fee will be charged on any exercised options and the
assignment. However, for SEOCH, only exercise fee will be charged on any
exercised options.
Q31: Where can Participants locate the Clearing House Rules fee schedules?
A:
For HKCC Participants, the fees and costs applicable are listed in Appendix A to
HKCC Rules.
For SEOCH Participants, the fees and costs applicable are listed in Appendix G to
the Operational Clearing Procedures for Options Trading Exchange Participants of
SEOCH.
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DCASS - Frequently Asked Questions
Common Collateral Management System (CCMS)
Q32:
How can Participants check all collateral balances and transaction
records?
A:
Participants can check the details of all collateral balances and transactions via
the on-line functions "Enquire Collateral Account Balance" and "Enquire
Collateral Account Movement" respectively. The CCMS day end report
"Statement of Collateral Account" (CCMDS01) also contains relevant
information. In addition to balances of both cash and non-cash collateral in
general, "Contract Currency On-hold" is also shown to reflect the cash amount
being held for covering margin liability and therefore is not available for
withdrawal.
Q33:
How money settlement is handled by CCMS and what are "Outstanding
Debit Amount" and "Shortfall Amount"?
A:
For any item receivable from Participants (e.g. cash deposit, margin, variation
adjustment (VA) collection, etc), a Direct Debit Instruction (DDI) will be
generated and sent to the relevant Settlement Bank or Designated Bank of the
Participant for money settlement.
For any item payable to Participants (e.g. cash withdrawal, VA release, etc), a
Direct Credit Instruction (DCI) will be generated and sent to the relevant
Settlement Bank of the Clearing House to effect payment to the Participant's
bank account.
"Outstanding Debit Amount" and "Margin Shortfall Amount" refer to negative
cash amounts generated due to fees/VA and margin obligations respectively.
Q34:
What is the cutoff time for withdrawal of surplus funds?
A:
Participants should input and authorize their withdrawal instructions via CCMS
at or before 11:00 a.m.
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DCASS - Frequently Asked Questions
Q35:
Can Participants transfer the cash collateral between their Collateral
Accounts?
A:
Participants can use the CCMS function "Maintain Cash Collateral A/C
Transfer" to transfer cash collateral from their House or Market Maker Collateral
Accounts to Client Collateral Accounts. However, transfer of cash collateral
from the Client Collateral Account to other Collateral Accounts via the on-line
CCMS "Collateral A/C Transfer" function is NOT allowed.
Q36:
Why the cash balance before posting not always the same as the last day
ending cash balance as shown in the "Posting / Collateralisation Result
Report" (CCMPY02)?
A:
Normally the total cash balance before posting, which consists of "General
Cash Collateral" and "Contract Currency On-hold" amounts, is the same as that
of the last day ending unless there are movements during the day, such as
intra-day margin call, cash deposit and withdrawal, etc.
Q37:
Why do different collateralisation batches appear twice for the same
account in the "Posting / Collateralisation Result Report" (CCMPY02)?
A:
In the event that an intra-day re-calculation of margin requirements and
collateralisation are triggered during the day without actual call for payment by
the Clearing House for its internal purposes (i.e. no "Posting/Collateralisation
Result Report" (CCMPY01) is generated), the collateralisation results will be
shown in the subsequent payment report (it may be the next IDM CCMPY01
report or day-end CCMPY02 report).
For this earlier collateralisation batch, an indicator "*" will be shown on the
132nd column in the report, meaning that the extra collateralisation information
is not the most up-to-date collateralisation information.
For the last collateralisation batch, i.e. the latest collateralisation batch shown
on the CCMPY01/ CCMPY02 report, this indicator will not be shown on the
132nd column. The same indicator will also be shown in CCMPY01 (Daily
Intra-day Assessment) report when a participant account is not subject to
HKCC Daily Intra-day Risk Assessment VA call during this collateralisation.
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DCASS - Frequently Asked Questions
Q38:
How much interest will be received by Clearing Participants on the cash
margin deposits and when will it be received?
A:
Interests will be rebated to Clearing Participants on the cash margin deposits at
the prevailing bank saving deposit rate. In determining the prevailing bank
savings deposit rate for HK dollar cash margin deposit, reference will be made
to the Capital Preservation Fund rate as from time to time published by the
Mandatory Provident Fund Schemes Authority, which is equivalent to the
simple average deposit saving rates for deposit amount HKD 120,000 of three
notes-issuing banks in Hong Kong. Similar basis is applied to other eligible
currencies. However, Participants will be charged with negative interest if the
bank saving deposit rate is negative. The interest will be calculated daily and
rebated on the first business day of the next month.
Q39:
What kinds of cash and non-cash collaterals are accepted for satisfying
margin requirements? Is there any priority of usage and haircut?
A:
Please refer to the below link for the details of cash and non-cash collaterals
accepted by HKCC and SEOCH for satisfying margin requirements:
Collaterals Accepted For Margin Coverage
Q40:
How do participants deposit or withdraw cash in approved currency other
than settlement currency with the Clearing Houses?
A:
Any Participant wishing to deposit or withdraw cash collateral in approved
currency other than settlement currency shall notify the Clearing House in
writing or by other means acceptable to Clearing House by 11:00 a.m. on any
bank business day. Only after the receipt of the relevant currencies has been
confirmed by its settlement banks would Clearing House accept the relevant
currencies as cover for the margin requirements.
Normally, the value date for the release of surplus in cash collateral in approved
currency other than settlement currency will be the next bank business day after
the date on which the withdrawal request is accepted, except Japanese Yen
where the value date will be the second next bank business day.
The exchange rates for valuation of cash collateral in approved currency other
than settlement currency will normally be determined with reference to the rates
published on Reuters pages as at 4:00 p.m. of a business day. Participants
will be required to reimburse any incidental costs and charges in respect of the
delivery of collateral.
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DCASS - Frequently Asked Questions
Q41:
What are the accommodation charges on non-cash collateral deposit?
A:
The current accommodation charges levied by HKCC and SEOCH are 0.5%
per annum on utilized non-cash collateral.
For example, a SEOCH participant utilized a non-cash collateral of amount
HKD10,000,000 for one day, the accommodation
HKD10,000,000*0.5%*1/365 = HKD136.99.
charge
will
be
Q42:
How can SEOCH Participants transfer stocks between their CCASS and
CCMS Collateral Accounts?
A:
Transfer of stocks from CCASS to CCMS Collateral Accounts should be
performed by the SEOCH Participants' cash arms (i.e. their respective HKSCC
Participants) via the function "Add CCASS-TO-CCMS Stock Transfer". To do
it vice versa, SEOCH Participants can use the CCMS function "Add
CCMS-TO-CCASS Stock Transfer".
Q43:
When can SEOCH Participants transfer the de-covered stock back to
CCASS?
A:
De-covered stocks will be held as "To-be-released" balance after de-cover
requests are successfully executed.
After the confirmation of money
settlement in the morning of the next business day, the de-covered stocks will
be released from the "To-be-released" balance to the general collateral
balance. SEOCH Participants can then transfer those stocks from their CCMS
Collateral Accounts back to CCASS under the Collateral Accounts of their
respective HKSCC Participants.
Q44:
How would CCMS handle those corporate actions that affect the stocks
transferred to the SEOCH Participants' Collateral Accounts from CCASS?
A:
Any corporate actions will be handled by CCASS with the SEOCH Participants'
cash arms (i.e. their respective HKSCC Participants). For example, after
taking snapshot for dividend entitlement, the dividend will be directly credited to
the respective HKSCC Participant's CCASS ledger "02" at the payable day by
CCASS.
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DCASS - Frequently Asked Questions
Q45:
Apart from initial contribution, when are Clearing Participants required to
make additional contribution to Reserve Funds?
A:
In addition to making initial contribution to the Reserve Fund, HKCC and
SEOCH may also require each Participant to make variable contributions.
HKCC and SEOCH will assess the adequacy of the Reserve Funds on the 1st
business day of every month to determine whether any variable contribution will
be required.
Apart from the regular monthly assessments, ad hoc
re-calculation of the variable contributions will be made and demanded from
time to time if HKCC or SEOCH considers necessary.
Q46:
What are the means of contribution to Reserve Funds?
A:
Means of contribution are set out below:
Q47:
Initial Contribution
Additional/Variable Contribution
Cash in HKD
Cash in HKD, Exchange Fund Bills and Notes
How is Reserve Fund contribution collected from / released to Clearing
Participants?
A:
Participants will be notified about Reserve Fund contribution / release by
checking Clearing Houses' circulars. The details regarding the individual
contribution requirement can be found from the report RP008 - HKCC
Participant Additional Deposits (for HKCC Participants) or SEOCH Reserve
Fund Contribution Notice (for SEOCH Participants) distributed through the
DCASS Terminal.
HKCC/SEOCH Participant's additional contribution to the Reserve Fund is
debited from the Participant's House bank account via the direct debit instruction
by 12:00 noon on the 3rd business day after the distribution of the clearing report
(RP008).
Any surplus of HKCC/SEOCH Participant's Reserve Fund
contribution will be credited to its registered bank account via the direct credit
instruction on the same date.
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DCASS - Frequently Asked Questions
Reports and Data Files
Q48: Where can Participants obtain the details of DCASS and CCMS reports?
A:
The report details of the DCASS and CCMS can be found in the respective Terminal
User Guides.
For the layout of Series Greeks Interface File, it is also available in the HKEX
website. The file will be generated on every trading day and available for
downloaded from the HKEX website.
Q49: Where can Participants locate their DCASS reports?
A:
When DCASS reports (including trades and positions for T Session today, and T+1
Session of previous business day) are available, they will be automatically
downloaded to the Participants’ DCASS Servers provided that their DCASS Servers
are connected to DCASS Host. All DCASS reports will be stored under the
directory “C:\Users\Public\NASDAQ OMX\CW1\40662\Reports\1” of the DCASS
Server.
All DCASS reports, except Risk Parameter File, are in text format and Participants
can view and print these reports directly via the DCASS Terminals.
Q50: Can Participants still be able to retrieve DCASS reports if their DCASS
Servers are powered off overnight?
A:
Participants should power on their DCASS Servers in the next business day
morning. Once their DCASS Servers are switched on, the overnight reports will be
downloaded to their DCASS Servers automatically. Except for the Risk Parameter
File (RPF), Participants can manually retrieve the reports before 6:45 p.m. in case
that their DCASS Servers are powered off overnight. After 6:45 p.m., the reports
will be removed from the DCASS host and not be available for download. For the
RPF, Participants can retrieve them via DCASS Terminals before 8:30 a.m. on the
next business day or download it from HKEX website.
If Participants cannot restart their DCASS Servers or retrieve all their DCASS
reports, they can submit request forms to the Clearing Houses for copies of the
required reports in printed and/or soft forms. Clearing Houses will charge a fee for
handling of those requests as stipulated in the Clearing House Procedures
(currently at $5 per page up to $1,000 per report or per diskette).
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DCASS - Frequently Asked Questions
Q51: How long will the downloaded DCASS reports being kept in the DCASS
Servers?
A:
Once downloaded, the DCASS reports will be kept in the DCASS Servers for 10
calendar days. Participants are encouraged to backup their DCASS reports from
the DCASS Servers if they would like to keep the reports for more than 10 calendar
days.
Q52: Where can Participants locate their CCMS reports?
A:
Participants can check the availability of, print, view or download their CCMS reports
from the "Report Download" function via CCMS Terminals.
Alternatively,
Participants can print or download the CCMS reports, under an unattended mode,
by logging onto the “Overnight Report Distribution” function via CCMS Terminals
after they completed their CCMS operations for the day.
Q53: How long would CCMS reports be available via CCMS Terminals?
A:
Participants can retrieve 3 business days, including current day, of CCMS reports
via CCMS Terminals.
Q54: Will separate sets of DCASS and CCMS reports being provided on Clearing
House basis, i.e. HKCC and SEOCH?
A:
Yes. For both DCASS and CCMS reports, a separate set of reports will be
generated for HKCC and SEOCH.
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DCASS - Frequently Asked Questions
Security Control Measures
Q55: How do Participants update Clearing Houses for change of authorised
signatories and contact details?
A:
All request forms submitted by Participants to the Clearing Houses have to be
properly authorized with signatures of appropriate personnel. Request forms
which do not bear authorised signatures will not be processed by the Clearing
Houses.
Participants should notify the Clearing Houses of any updates of their authorised
signatories by submitting a “Change of Authorised Signatories Form” and
prescribed supporting documents.
Moreover, Participants are required to provide the contact details (including mobile
phone number and email) of their staff who are responsible for DCASS operations,
CCMS / Intraday Margin Call and IT matters. Participants are requested to notify
Clearing Houses for any change of contact details by submitting a “Change of
Company Particulars and Contact Persons Form”.
Participants are required to ensure their contact details are up-to-date so that
Participants can be reached by Clearing Houses in case of emergencies.
Participants can contact the DCASS Hotline at 2979-7222 for details.
Q56: What is the security measure for Participants to access DCASS?
A:
Each DCASS Server has a unique pair of logon User ID and Password to access
DCASS Host. The User ID is assigned by Clearing Houses and cannot be
changed by Participants. If Participants have applied for DCASS Administration
Account (“Admin Account”), they can reset the Password of DCASS Servers.
For access via DCASS Terminals, 5 Terminal User IDs with full access to all
available functions will be set up for each Participant. Participants can manage
their own user access profiles and reset passwords for their DCASS Terminal Users
via the Admin Account. A total of 10 preset access profiles are available and
details of each access profile can be found in chapter 8 of the DCASS Terminal User
Guide.
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DCASS - Frequently Asked Questions
Q57: What is the security measure for Participants to access CCMS?
A:
Participants should access CCMS via SmartCards. Participants carrying different
participantship at Clearing Houses should apply for separate sets of SmartCards
from the respective Clearing Houses
Furthermore, Participants should appoint their own Delegated Administrators (DAs)
to manage the basic security profile of their own CCMS users. DAs can access
CCMS's security management functions using their DA smartcards at
https://www.ccass.com/dms. Please refer to the CCMS Terminal User Guide for
details.
Typhoon and Black Rainstorm
Q58: What are the clearing and settlement arrangements during Typhoon Signal
No. 8 (or above) / Black Rainstorm Warning?
A:
Please refer to “Arrangement for Clearing and Settlement Services” at HKEX
website.
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