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香港金融管理局 中央货币市场单位.pdf
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香港金融管理局 中央货币市场单位.pdf
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Hong Kong Monetary Authority
Central Moneymarkets Unit
Principles for Financial Market Infrastructures
Disclosure for Central Moneymarkets Unit
July 2023
2
Principles for Financial Market Infrastructures:
Disclosure for Central Moneymarkets Unit
Responding Institution(s):
Prepared by
Central Moneymarkets Unit
Financial Market Infrastructure Service Division
Financial Infrastructure Department
Hong Kong Monetary Authority
Jurisdiction in which the FMI
operates:
Hong Kong
Authority overseeing the FMI:
HKMA empowered under the PSSVFO
The date of this disclosure:
July 2023
The website on which the
disclosure is posted:
HKMA website
https://www.hkma.gov.hk/eng/key-
functions/international-financial-centre/financial-
market-infrastructure/debt-securities-settlement-
system/
CMU Website
https://www.hkma.gov.hk/media/eng/doc/key-
functions/financial-
infrastructure/infrastructure/cmu_disclosure_frame
work.pdf
Contact person for further
information of this disclosure
CMU enquiry email address:
cmuenquiry@hkma.gov.hk or the public enquiry
email address: hkma@hkma.gov.hk with attention
to Head of Financial Market Infrastructure Service
Division of FID.
3
List of abbreviations used in this Disclosure
AI Authorized Institution
BCP Business Continuity Plan
BIS Bank for International Settlements
BO Banking Ordinance
CB Clearing Bank
CCDC China Central Depository & Clearing Co., Ltd.
CCP Central Counterparty
CHATS Clearing House Automated Transfer System
CIBM China Interbank Bond Market
CIPS Cross-Border Interbank Payment System
CMT CMU Member Terminals
CMU Central Moneymarkets Unit
CMUP Central Moneymarkets Unit Processor
CPMI Committee on Payments and Market Infrastructures
CPSS Committee on Payment and Settlement Systems (name
changed to CPMI from 1 September 2014)
CSD Central Securities Depository
CSSO Clearing and Settlement Systems Ordinance (retitled as
PSSVFO from 13 November 2015)
DvP Delivery versus Payment
EFBN Exchange Fund Bills and Notes
EFO Exchange Fund Ordinance
FID Financial Infrastructure Department
FMIs Financial Market Infrastructures
FMIO Financial Market Infrastructures Oversight
FMIS Financial Market Infrastructure Service Division
FTS File Transfer Service
HKD Hong Kong Dollar
HKCC HKFE Clearing Corporation Limited
HKICL Hong Kong Interbank Clearing Limited
HKMA Hong Kong Monetary Authority
HKSCC Hong Kong Securities Clearing Company Limited
HSBC The Hongkong and Shanghai Banking Corporation Limited
ICSD International Central Securities Depository
KSD Korea Securities Depository
LC Licensed Corporation
MPF Mandatory Provident Fund
OTC Clear OTC Clearing Hong Kong Limited
PBOC People’s Bank of China
PFMI Principles for Financial Market Infrastructures
PSSVFO Payment Systems and Stored Value Facilities Ordinance
PvP Payment versus Payment
RD Recognized Dealer
RMB Renminbi
RTGS Real Time Gross Settlement
SEOCH SEHK Options Clearing House Limited
SFC Securities and Futures Commission
SHCH Shanghai Clearing House
SI Settlement Institution
SSS Securities Settlement System
4
TA Transfer Agent
TDCC Taiwan Depository & Clearing Corporation
USD US Dollar
5
Table of Contents
List of abbreviations used in this Disclosure………………………………………………….3
I.
Executive Summary ............................................................................................ 6
II. Summary of major changes since the last update of the disclosure ............................ 7
III. General background on the CMU ......................................................................... 7
IV. Principle-by-principle summary narrative disclosure ............................................. 17
Principle 1: Legal basis ..................................................................................... 17
Principle 2: Governance .................................................................................... 18
Principle 3: Framework for the comprehensive management of risks ...................... 19
Principle 4: Credit Risk ..................................................................................... 20
Principle 5: Collateral ....................................................................................... 21
Principle 6: Margin ........................................................................................... 22
Principle 7: Liquidity Risk ................................................................................. 23
Principle 8: Settlement finality ........................................................................... 24
Principle 9: Money settlements ........................................................................... 25
Principle 10: Physical deliveries ......................................................................... 27
Principle 11: Central securities depositories ......................................................... 28
Principle 12: Exchange-of-value settlement systems ............................................. 29
Principle 13: Default Management ...................................................................... 30
Principle 14: Segregation and portability ............................................................. 31
Principle 15: General Business Risk .................................................................... 32
Principle 16: Custody and investment risks .......................................................... 33
Principle 17: Operational risks ........................................................................... 34
Principle 18: Access and participation requirements .............................................. 36
Principle 19: Tiered participation arrangements .................................................... 38
Principle 20: FMI links ...................................................................................... 39
Principle 21: Efficiency and effectiveness ............................................................ 40
Principle 22 : Communication procedures and standards ....................................... 41
Principle 23: Disclosure of rules, key procedures, and market data.......................... 42
Principle 24: Disclosure of market data by trade repositories .................................. 43
V. List of publicly available resources ..................................................................... 44
Annex. Organisation Chart of the HKMA ............................................................ 46
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