Hong Kong Exchanges and Clearing Limited (HKEx) has set 16 May as the launch date for phase one of CCASS/3, the next generation of the Central Clearing and Settlement System, following successful market testing.
Under the phase one roll out, CCASS participants and their designated banks will be gradually migrated from the existing CCASS network and terminals to the new CCASS/3 network and CCASS/3 terminals. The migration will occur in batches on 16, 21 and 24 May.
The migration will be followed by a two-week stabilisation period, during which time the existing CCASS network and terminals will be on standby to ensure participants have access to CCASS at all times. Phase one is scheduled to be completed on 7 June.
Subsequent roll out stages will involve functional infrastructure upgrades and the introduction of a participant gateway. The upgrades will include the introduction of multiple-market and different settlement cycle capability.
Kwong Ki-chi, HKEx's chief executive, says: "The open-interface architecture of CCASS/3 will give us more flexibility to quickly respond to changing market demands. CCASS/3 will also be able to support more regional and global products with different features and settlement periods. It will improve the operational efficiency of our market and market participants, and help strengthen Hong Kong's position as a major regional and international financial centre."