hk clearing participant & Exchange Participant of SEHK

https://www.hkex.com.hk/-/media/HKEX-Market/Services/Clearing/Securities/Infrastructure/CCASS-3-Terminal/CCASS-Terminal-User-Guide-for-Participants/Section-2-CCASS-System-Overview/Sect2.pdf

There are seven types of CCASS Participants: (i) Direct Clearing Participants, (ii) General Clearing Participants, (iii) Clearing Agency Participants, (iv) Custodian Participants, (v) Stock Lender Participants, (vi) Stock Pledgee Participants, and (vii) Investor Participants. (i) Direct Clearing Participants: All Exchange Participants of SEHK can be Direct Clearing Participants (DCPs) of CCASS to clear and settle all their trades concluded on SEHK in eligible securities in CCASS. Before admission, Direct Clearing Participants are, amongst other conditions, required to subscribe for a non-interest bearing admission fee for HK$50,000 per trading right in SEHK and have to make the requisite contributions to the Guarantee Fund (see later). (ii) General Clearing Participants: General Clearing Participants (GCPs) must be either a licensed corporation licensed to carry on Type 1 regulated activity or a registered institution registered to carry on Type 1 regulated activity under the Securities and Futures Ordinance. A GCP must demonstrate its financial and operational capacity to establish and operate clearing business for other corporations. Before admission, GCPs are, amongst other conditions, required to (i) subscribe for a non-interest bearing admission fee of the higher of HK$50,000 and HK$50,000 in respect of each trading right held by itself (if it is also an Exchange Participant of SEHK) and each of its underlying NCP, and (ii) make the requisite contributions to the Guarantee Fund (see later). (iii) Clearing Agency Participants: Clearing Agency Participants (CAPs) are recognised bodies in the business of operating the central securities clearing and settlement system and/or central securities depository system. Clearing Agency Participants are regulated in Hong Kong by the Commission or in an overseas jurisdiction by a governmental body or securities regulatory agency. A Clearing Agency Participant must demonstrate its financial and operational capacity to establish and operate such a system, and the securities dealt with in the system include eligible securities. Clearing Agency Participants are required to subscribe for a non-interest bearing admission fee of HK$1,000,000. (iv) Custodian Participants: Only persons with an established custodian business in SEHK listed securities are to be admitted as Custodian Participants of CCASS. Amongst other conditions, each Custodian Participant is required to subscribe for a non-interest bearing admission fee of HK$1,000,000 prior to admission. (v) Stock Lender Participants: Stock lenders are persons who lend SEHK listed securities to Clearing Participants who may need to borrow shares to meet delivery obligations. At the initial stage of CCASS, stock lending within CCASS is restricted only to Clearing and Custodian Participants. A person other than a Clearing Participant or a Custodian Participant who wishes to join as a Stock Lender Participant will have to subscribe for a non-interest bearing admission fee of HK$200,000.

(vi) Stock Pledgee Participants: Only persons with an established business of lending money to Clearing Participants against the security of SEHK listed securities are admitted as Stock Pledgee Participants. Stock Pledgee Participants must have all requisite authorizations or licences and are only allowed to effect stock pledging transactions in CCASS (in particular, deposits of securities into CCASS by Stock Pledgee Participants will not be entertained). Stock Pledgee Participants are required to subscribe for a non-interest bearing admission fee of HK$200,000 prior to admission. (vii) Investor Participants: There are 3 types of CCASS Investor Participants: individual investor participants, joint individual investor participants and corporate investor participants.

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hk clearing participant & Exchange Participant of SEHK

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