| Currency Settlement System | |
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| Hong Kong Dollars |
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| Before April 1997, the HKD clearing function was provided by The Hongkong and Shanghai Banking Corporation Ltd. (HSBC). Hong Kong Interbank Clearing Ltd. (HKICL) was established in May 1995 to take over in phases the clearing functions from HSBC. |  |
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| HKICL is a private company jointly owned by the Hong Kong Monetary Authority (HKMA)and the Hong Kong Association of Banks. It 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. |
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| HKD is now settled on real time basic known as HKD Clearing House Automated Transfers System (CHATS). Licensed banks and restricted licensed banks in Hong Kong maintain HKD settlement accounts with the HKMA. |
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| The HKD Real Time Gross Settlement was now linked with the USD RTGS for settlement of USD/HKD foreign exchange transactions on a Payment v Payment basis. Paper and Electronic Clearing are also provided by HKICL to all members of Hong Kong Association of Banks. |
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| On August 21, 2000, USD clearing system and later on April 28, 2003, Euro clearing system was introduced in Hong Kong to provide efficient settlement of USD and Euro transactions during Asian business hours. HKMA appointed HSBC as the settlement institution for the USD clearing system and appointed Standard Chartered Bank as the settlement institution for Euro clearing system. |
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| The Delivery v Payment facilities for securities and shares listed on the Hong Kong Stock Exchange is provided by Central Clearing and Settlement System (CCASS) operated by Hong Kong Exchange and Clearing Ltd. |
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