Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Zeti Akhtar Aziz
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Carmen Chu
Alan Au
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
515.5995

Press Releases

Clearing of US Treasuries through the Central Moneymarkets Unit and HKMA appointing Citibank as Custodian

The Hong Kong Monetary Authority (HKMA) announced today (Monday) that the Central Moneymarkets Unit (CMU), a central custodian and clearing system for debt instruments operated by the HKMA, will introduce a new clearing, settlement and custodian service for US Treasuries. The new service will enable investors in Hong Kong and other parts of Asia to settle US Treasuries during Hong Kong hours through the CMU.

This new service will commence in the fourth quarter of 2002. The HKMA has appointed Citibank as its custodian for custody of US Treasuries on behalf of the CMU. This provides an indirect link to the Fedwire Book-Entry Securities Transfer System, a clearing and settlement system for US Treasuries operated by the Federal Reserve Bank of New York in the United States. Citibank will also be responsible for providing settlement, income collection, redemption and tax-related services to the CMU.

With the existing system interface between the CMU and the US dollar clearing system in Hong Kong, investors can clear and settle US Treasuries on a real-time delivery versus payment (DvP) basis during Hong Kong hours through the accounts maintained by CMU members with the CMU. This arrangement will bring forward the DvP settlement of the US Treasuries from New York to Hong Kong time and shorten the settlement cycle, thus enhancing the settlement efficiency and reducing the settlement risk of US Treasuries transactions conducted by Asian market participants.

"The clearing of US Treasuries in Hong Kong would enhance the ability of investors in the region to manage their US dollar liquidity more effectively and with better risk management. This new service from the CMU is part of the on-going effort of the HKMA to provide a robust, efficient and up-to-date financial infrastructure to serve the investor community in Asia. Hopefully this new service will attract more business to Hong Kong and strengthen its role in securities settlement in the region." said Mr Tony Latter, Deputy Chief Executive of the HKMA.

"We are proud to be appointed as the custodian of US Treasuries for the CMU, which is the latest of the HKMA's effort to strengthen Hong Kong's position as the pre-eminent financial center in Asia," said Mr T C Chan, Country Corporate Officer of Citibank Hong Kong. "As a leading custodian bank in Asia, Citibank is dedicated to providing the unique services that only a global bank of our scale can offer."

Background information about the HKMA and Citibank

The HKMA

The Hong Kong Monetary Authority is responsible for maintaining monetary and banking stability, managing Hong Kong's official reserves and developing Hong Kong's financial infrastructure. The HKMA operates the CMU, which serves as an electronic depository for debt instruments and provides related settlement facilities. These services are available to issuers and investors in Hong Kong and further afield, and for debt securities denominated in Hong Kong dollars or other currencies. The value of securities held in the CMU is around HK$345 billion (US$ 44 billion).

Citibank

Citibank Global Securities Services serves global issuers, investors and intermediaries through the industry's largest proprietary network, spanning 50 countries. It currently provides securities services to more than 2,500 customers worldwide and has more than US$5 trillion in assets under custody. Citibank is the industry's premier custodian of cross-border assets, top-ranked global clearer, and recognized leader in depositary receipt services and agency and trust services. Citibank's local presence, supported globally by Regional Service Centers, ensures clients of consistent transaction processing worldwide, proprietary control of clearing cycles and reduced risk in all cross-border securities transactions.

For further enquiries, please contact:

Hong Kong Monetary Authority

Ms Jasmin Fung, Manager (Press), at (852) 2878 8246 or
Ms Sylvia Yip, Manager (Press), at (852) 2878 1687

Citibank

Ms Bonnie Wu, Vice President (Corporate Communications and Public Affairs),
at (852) 2868 7768 or
Ms Shirley Lam, Vice President (Regional Head of Marketing Global Security Services), at (852) 2868 8986

Hong Kong Monetary Authority
Citibank
29 July 2002

Last revision date: 1 August 2011
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, اردو)
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery