China Securities Depository and Clearing Hong Kong Company Limited

With respect to OCC's overall liquidity plan, the Non-Bank Liquidity Facility program reduces the concentration of OCC's counterparty exposure by diversifying its base of liquidity providers among banks and non-bank, non-Clearing Member institutional investors, such as pension funds or insurance companies. Between 11 January 2008 and 7 April 2008, HKEX launched a consultation paper proposing changes to the Listing Rules "to address 18 substantive policy issues pertaining to corporate governance and initial listing criteria". On 28 November 2008, new rules were announced which included, inter alia, limitation of directors' trading in their companies' shares between the end of each semester until after publication of its results. The Listing Rule amendments were due to become effective on 1 January 2009. The previous blackout period is within one month of publication, and was considered by HKEx to "fail to ensure that insiders do not abuse the market while in possession of unpublished price-sensitive information".

To meet such payment obligations, OCC maintains access to cash from a variety of sources, including a requirement for members to pledge cash collateral to OCC and various agreements with banks and other counterparties (“liquidity facilities”) to provide OCC with cash in exchange for collateral, such as U.S. OCC routinely considers potential market stress scenarios that could affect such payment obligations. Based on such considerations, OCC now believes that it should seek to expand its liquidity facilities to increase OCC's access to cash to manage a member default. Continue providing services to the options markets by addressing losses and shortfalls arising out of the default of a Clearing Member. OCC's continued operations would, in turn, help support the stability of the financial system by reducing the risk of significant liquidity or credit problems spreading among market participants that rely on OCC's central role in the options market.

LCH SA is our Continental European clearing house, offering clearing services for credit default swaps , options on CDS, repos and fixed income, commodities, cash equities, and equity derivatives. Members and clients benefit from an open-access model that offers a choice of execution venues, delivering unprecedented choice and efficiencies to the marketplace. As noted above, under Rule 17Ad-22, committed arrangements, such as repurchase agreements, are only qualifying liquid resources where such agreements do not include material adverse change provisions. Moreover, the non-banks are voluntarily participating in the facility.

It created CCASS, the central clearing and settlement system, which started operating in 1992 and became the central counterparty for all CCASS participants. The clearing operation is based on the immobilisation of share certificates in a central depository. Share settlement is on a continuous net settlement basis by electronic book entry to participants' stock accounts in CCASS.

HKICL provides interbank clearing and settlement services to all banks in Hong Kong and operates a central clearing and settlement system for public and private debt securities on behalf of the HKMA. Sometimes entities appear to target Hong Kong investors whilst not having been licensed to carry out regulated activities in Hong Kong. They often adopt names similar to legitimate financial institutions to confuse investors. Alternatively, such unlicensed entities may provide financial investment trading platforms on the Internet.

Each futures exchange has its own clearing corporation. Members of these exchanges must clear their trades through the clearing corporation at the end of each trading session and deposit a sum of money based on the clearing corporation’s margin requirements to cover their debit balance. The clearing corporations help to keep markets operating in a timely and orderly manner. This, in turn, gives more entities confidence in entering futures trades to hedge their various exposures.

Rather, the purpose of the proposal is to provide OCC with increased capacity for accessing cash to meet its payment obligations, including in the event that one of its members fails to meet its payment obligations to OCC. For any covered clearing agency, “qualifying liquid resources” means assets that are readily available and convertible into cash through prearranged funding arrangements, such as committed arrangements without material adverse change provisions, including, among others, repurchase agreements. In order to give OCC greater capacity to source liquidity from external liquidity providers as needed, OCC would modify the Non-Bank Liquidity Facility program to remove the aggregate commitment limit of $1 billion, identified in the 2020 advance notice. OCC proposes that its Board of Directors (“Board”) set, by resolution and from time to time, the level of aggregate commitments under the program to ensure that OCC maintains sufficient liquidity resources to cover its liquidity risk exposures at all times. In 2020, OCC set the aggregate amount it may seek through the Non-Bank Liquidity Facility program to an amount of up to $1 billion.

China Securities Depository and clearing company Limited （CSDCHK） is a cross-border post-trade service provider established by China Securities Depository and Clearing Corporation Limited to ensure the successful implementation of the Shanghai-Hong Kong Stock Connect. Safe and efficient financial infrastructure provider offering local & cross-border solutions... Non-registered Shareholders whose Shares are held through banks, brokers, custodians or the Hong Kong Securities Clearing Company Limited should consult directly with their banks or brokers or custodians to assist them in the appointment of proxy. In addition, the settlement terms of Hong Kong Securities Clearing Company Limited are two days after trade date. If you are not a registered Shareholder , you should consult directly with your banks or brokers or custodians to assist you in the appointment of proxy.