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Hong Kong Monetary Authority (HKMA)

Clearing system link-up begins

PUBLISHED : Tuesday, 02 December, 1997, 12:00am
UPDATED : Tuesday, 02 December, 1997, 12:00am

The linked Hong Kong and Australian debt securities clearing system began operation yesterday. The move is a prelude to establishment of a pan-Asian bond trading system - AsiaClear - aimed at reducing the settlement risk of cross-border trading. Under the present link-up, the Hong Kong Monetary Authority's Hong Kong dollar debt securities clearing system joins Australia's Reserve Bank Information and Transfer System and the authority joins AustraClear, which provides clearing services for private sector debt securities.