Central clearing and settlement system in Hong Kong: review and preview.

• Other Authors: Lim, Luen-ho.
• Format: Others
• Language: English
• Published: Chinese University of Hong Kong 1992
• Subjects: Clearing of securities; Clearing of securities > China > Hong Kong; Stock exchanges; Stock exchanges > China > Hong Kong
• Online Access: http://library.cuhk.edu.hk/record=b5887122; http://repository.lib.cuhk.edu.hk/en/item/cuhk-318831

by Lim Luen-ho. === Thesis (M.B.A.)--Chinese University of Hong Kong, 1992. === Includes bibliographical references. === TABLE OF CONTENTS --- p.i === ABSTRACT --- p.iii === LIST OF TABLES --- p.v === ACKNOWLEDGEMENTS --- p.vi === INTRODUCTION --- p.1 === Internationalization of Securities Markets --- p.1 === Institutional Investors --- p.1 === Technological Developments --- p.2 === Growth Opportunities in Developing Countries --- p.2 === Deregulation of financial markets --- p.3 === Central Clearing and Settlement in Hong Kong --- p.4 === Objective of Study --- p.5 === METHODOLOGY --- p.6 === Data Collection --- p.6 === Sampling --- p.7 === WORLD-WIDE TREND IN THE DEVELOPMENT OF CLEARING AND SETTLEMENT OF SECURITIES --- p.8 === October Stock Market Crash of 1987 --- p.8 === Current Trend in the Clearing and Settlement System --- p.9 === Development of the Clearing and Settlement Systems in Asian Countries --- p.11 === Implications for Hong Kong Stock Market --- p.13 === Rebuilding of a Good Image as an Efficient Market --- p.13 === Competition from Other Markets Trading Hong Kong Listed Stocks --- p.14 === Competition from Other Asian Stock Markets --- p.15 === Prerequisite to Becoming a Regional Exchange in Long Run --- p.17 === Possible Directions for the Future Development of Central Clearing and Settlement Systemin Hong Kong --- p.18 === Allowing the investors (especially the institutional investors) to be the direct participants of CCASS --- p.19 === Linking CCASS to the settlement systems of other national markets --- p.19 === Issuing global certificates with the consensus of the issuers of the stocks --- p.20 === DEVELOPMENT OF THE CLEARING AND SETTLEMENT SYSTEM IN HONG KONG --- p.21 === History of CCASS --- p.21 === Current Issues --- p.25 === Cost Issue --- p.25 === Legislation Issues --- p.27 === Current Clearing and Settlement System --- p.28 === How a Trade is Settled --- p.28 === Issues of the Existing System --- p.30 === Too short settlement --- p.30 === Physical settlement --- p.30 === Exposures to counterparty risk --- p.31 === Chain reaction of settlement risks --- p.31 === Risks for loss of scrips --- p.31 === Central Clearing and Settlement System (CCASS) --- p.32 === Overview of CCASS Operation --- p.32 === Advantages of CCASS --- p.34 === Minimizing the need for physical delivery of share certificates --- p.34 === Eliminate the chance of losing scrips --- p.34 === Extended settlement period --- p.34 === Minimizing counterparty risk --- p.35 === Enhancing market development --- p.35 === Ability to handle huge amount of daily turnover --- p.36 === Implications --- p.36 === System Design --- p.36 === Managing of Conflicts of Interest --- p.40 === Registrars --- p.40 === Brokers --- p.41 === Custodians --- p.43 === CONCLUSION --- p.44 === The Role of Government in the Development of CCASS --- p.44 === Current Task of SFC concerning CCASS --- p.49