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HKEx completes implementation of derivatives platform

22 April 2004  |  2974 views  |  0 HKEx completes implementation of derivatives platform

Hong Kong Exchanges & Clearing Limited (HKEx) has completed implementation and market testing of its new derivatives clearing and settlement system (DCSS).

The platform replaces two separate clearing systems - the Traded Options System (Tops) and the Intracs/400 - which had been used by the HKFE Clearing Corporation and the SEHK Options Clearing House prior to their merger with HKEx in 2000.

The exchange says DCSS provides a common platform for the clearing and settlement of all derivatives products traded on the HKEx markets, including index futures and options, single stock futures and options and interest rate futures contracts. The application also includes HKEx's Portfolio Risk Margining System (Prime).

The impementation was followed by a two week stabilisation period, during which the Tops and Intracs/400 systems were on stand-by.

HKEx says DCSS will help reduce participants' operating costs as hardware, equipment and network facilities can be shared between trading and clearing operations.

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