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Press Releases

Direct Link between the HKMA's Central Moneymarkets Unit and Clearstream goes live

The direct link from the Hong Kong Monetary Authority's (HKMA) Central Moneymarkets Unit (CMU) to the settlement system of Clearstream Banking Luxembourg commences live operation today (Monday).

The new link will allow CMU Members, most of which are banks in Hong Kong, to clear, settle and hold Clearstream-eligible securities via their CMU accounts. The new link will improve settlement risk and efficiency such that investors in this region can clear and settle international securities in a secure and robust environment through CMU Members.

This link is also an important step for the CMU towards achieving its objective of providing single-window processing for CMU Members. Both market participants in Hong Kong and this region will be able to use the comprehensive and efficient settlement platform provided by the CMU to clear and settle cross-border international debt securities. This will help Hong Kong in its development as a regional securities settlement hub.

Commenting on the implementation of the link, Mr Joseph Yam, Chief Executive of the HKMA, said, "the new link with Clearstream further enhances the clearing and settlement capability of the CMU in international securities and provides a convenient and cost-effective settlement avenue for cross-border transactions. A robust securities settlement platform in Hong Kong lays a strong foundation for the development of debt securities markets in the region."

Mr Andre Roelants, Chief Executive Officer of Clearstream International added, "We are very pleased to have worked so closely with the HKMA on this link and it is a further demonstration of our commitment to help develop Hong Kong towards its goal of becoming the regional securities hub. We enjoy a strong and growing customer base in the entire Asia region and we have built up excellent contacts through our local presence for over 12 years now. This new direct link will undoubtedly further enhance our growth prospects for the future. In Asia alone, Clearstream now has links with 8 markets as part of the widest global network offered by any international central securities depository. In total, Clearstream International is now covering 39 markets across the globe and we will always look to expand this."

Background information about the HKMA and Clearstream International

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 holdings by overseas investors in the CMU is HK$19 billion (EUR 2.2 billion).

Clearstream International

Clearstream International is Europe's premier clearing and settlement organisation offering a comprehensive service for equities and bonds both domestic and cross-border. Clearstream International has three divisions - Clearstream Banking Frankfurt, Clearstream Banking Luxembourg and Clearstream Services. Clearstream Banking contains the core clearing and settlement business. Clearstream Banking Luxembourg is assigned short- and long-term ratings of A1+ and AA+ respectively by Standard and Poors and F1+ and AA+ respectively by Fitch.

For further enquiries, please contact:-

Clearstream International
Yolande Theis Tel: +352 45 11 05 320
Clearstream International Fax: +352 45 11 09 5320
ytheis.ci@clearstream.com

 

Hong Kong Monetary Authority
Thomas Chan Tel: +852 2878 1480
Thomas_mk_chan@hkma.gov.hk Fax: +852 2878 1892

Hong Kong Monetary Authority
Clearstream International

27 January 2003

Last revision date: 1 August 2011
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