Professional Documents
Culture Documents
HRE
Shangha-Hong
Kong Stock Gonnect
Briefing to Participants
January 2015
Agenda
lmplementation Schedule
Appendix
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SSE
Route
order to
Replicate
shareholding
CCASS
r EPI
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tan
Institutional lnvestor
lnstitutional lnvestor
SSE
:l"^':l*:d
Ghecking
orders
How is it done?
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Share transfer
Shareholdin g replication
Order routing
Snapshot
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r
Solution: Develop an enhanced Pre-trade Checking Model to address ffie above limitations.
The Enhanced Model is optional and will run alongside the Existing Model.
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Agenda
ffi*etr
lm
plementation Schedule
Appendix
SSE
Route
order to
SSE
CCASS
EPl
I
I
I
I
I
I
Replicate
shareholding
information to
CSC on each
csc
separately
Pre-trade
Checking
Yes
ustodian
SPSA I
SPSA 2
SPSA 3
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Share transfer
Shareholding replication
Order routing
SPSA
to the
relevant
Clearing
Participants for settlement (based on
i nvestors' nstructions)
i
Snapshot
Under enhanced model, investors who use custodians only transfer SSE Securires
to Clearng Participants after sell order exec.rtion (Post-trade Delivery)
* lncluding GCPs who are non-EPs
and Custodian Participants of CCASS
80000001
611682
80000002
720462
80000004
224462
80000001
600002
80000003
129641
3loc
Clfi
SgrcllttGdcrontulbr:
Aerdt lJnbar
8ffi.t
Must be
tn
"800XXXXX" format
lnstitutional
lnvestor
Custodan
@Create SPSA(s) and get
lnvestor lD(s) in CCASS
o
@
Each investor can request its custodian(s) to open SPSA(s) for holding SSE securities
Custodian opens SPSAs in CCASS online. CCASS will assign an unique lnvestor lD for each SPSAopened
Custodians sfrall give prior notice of not less than five business days to HKEx
for adding or updating SPSA and list of designated EPs
10
SPSA Form
L
Notes:
ll*dil
fffe(tive
I'.
tlneler*
Date:
I MM / YY
III.
DTASL5
OI EXCLITN
Flease lrorrirle cJetf: of the Exclrange Partciparrt ele:griateeT by the inve:tor fcr execrtio:
Cltin fr:n rect
lecirities:
cf
l__t_i_i_t_l
11
io
I| .)
I
investor 1
lnvestor t has sufficient holding in
ts account
t- - -
Sell
order
L--
! orders from
tt
r with SPSA
L--
lnvestor
Notes:
1.
2.
12
Securities Settlement
r Post Trade Transfer for Short CNS Stock Position
How to settle CruS Se// obligation from SPSA ?
Before CNS Batch Settlement Run (BSR) on T day,
cPl
13
Revise the CNS batch settlement run schedule for SSE Securities
- 1"t run: 16:30 ) 17:30
2nd
run: 18:00
19:00
13:45
17:30
19:00
17:30
19:00
14
.::
EHl",.fli",.
SI BSR
Sl Matching
run
ATI
validation
STI
validation
STI Batch Transfer
(exclude SPSA)
f4
E
83":t'#i,'"::,,
Market
Original Function
18:15 to 19:30
Change Dl Requirement
Time
19:15 to 19:30
O7:15
18:00 to 19:00
to 19:00
* lmpact to
lD
Report
Name
Market
New Value
"lo wiJl be
"1"
will be shown in the "Origin lndicator" for sell trades from SPSA
ID
Report
Name
Time
File Content
16
Time of Sl Settlement
EPI
After 16:00
17:45
After 20:00
17
Agenda
Implementation Schedule
Appendix
Existing
New
account
For SPSA trades, pre-trade delivery
of stocks to GP is NOT required
l{I(En
firW,ffi
19
Gurrent:
New:
x
(CP's daily buy turnover in SSE Securities
I
r
_ _ _ _ jls_s_e_sgiriti":)_ _ _ _l
20
Gurrent
New
Note:
* For
the day without buy turnover in SSE Secunre s, overdue shotT positions witl be excluded from the "ELtm of CP's daily
buy turnover in SSE Securifies + overdue short poslions /n SSE Securlies in the previous month" in calculating the Monthly
Mainland Settlement Deposit requirement.
And
2. Amount
hand
22
An Example
(20,000)
o
o
No Special Segregated Accaunt's sell
turnaver
Notes:
1. MSTD = Mainland Settlement Deposit
2. Refund (if any) will only be made on the 1Oth business day of the month. lf thelOth business day of the month is not a trading day in A-share market, refund will be made on next
business day which is a trading day in A-share market.
Modification to
Payable Report
ettlement Deposit
)
Additional field "SPSA SELL TURNOVER lN A SHARES" will be added to cater the change of:
Daily Mainland Settlement Deposit Requirement
Monthly Mainland Settlement Deposit Requirement
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24
Agenda
lmplementation Schedule
Appendix
hnd of
o
o
December 2014
Early
March 2015
- System Launch
February /
Early March
2015
- Rollout Test
January 2015
- Briefing Session
Subject fo SFC's approval and the final schedule will be furfher announced via circular
26
Agenda
lmplementation Schedule
Appendix
Appendix 1
CSEBAOl
GLOB
CSEATOl
GLOB
CSEATO2
STlActivity Report
CCLUSOl
Unmatched Sl Report
CSESI02
CSESPO4
cFtBr0l
MAMK
MAMK
Additional Sl matching
runs
Additional Sl matching
runs and Sl BSR
19:15
Report
lD
ccltD0l
Report
Name
Market
New Value
"l" will be shown in the "Origin lndicato/' for sell trades from SPSA
"1"
will be shown in the "Origin lndicator" for sell trades from SPSA
Report
lD
Report
Name
Market Time
File Content
Showing detail
counterparty participant lD, execution broker firm lD, SPSA account number,
to facilitate the preparation of STI / Sl by Custodian for CNS settlement
Appendix2
be displayed
different sections
Money Obligation
for*hare Martet
ReGfobJecfrlp{,
t*ffffi
mount
5,00t 00
Rcavtr/fteccivcd
mount
s,ts.0
Fece
fuabftecelve
3,00,{x}-
tt"ffJfr
*tffiffi
5,o(s.0t
eivabRsceived
Amount
?,000,00
*tArnort
3,qxi.00"
Amount
itAmount
2,000,00
net Amount
3,00{1,00" 2,{m,m
"^ifiiffi
-etlmount
4,000,00
3noo0,{10-
r,o0,0
2,000,{xl
5,)f.00"
4,00,0-
,000,CIo
9,000,0"
3,00.0-
ivbleJReceod
Amount
2,000,00
?,00.00
4,00.00
o*mrf
etAmount
6,000,00-
l,o.ot-
6,00.ffi
t,Wffi^
4,p.0eA,{4.S-
Detail of SSE Securities Sl with DVP as settlement method will be included in the following reports:
r DDI / DCI / EPI Summary for Participant (CSEMA28 / CSEMS2S)
r Settlement Related EPI Listing (CSEMA29 / CSEMS29)
I CCASS Funding Projection Report for Participant (CSEMP02)
30
Appendix 3
Other Features of SPSA
Voting Delegation
SPSA holders delegate the input of voting instructions to CP and are not
allowed to input voting instructions themselves
Nominee Services
Subscription for
SMS / Email Alerts
Hard Copy
Statement Services
31