Hong Kong Securities Clearing Co has announced reductions in fees for a range of services including stock settlement and stock segregated accounts. The company said participants of the clearing system would reap $450 million in fee discounts over four years as a result. From July 1, stock settlement fee will be down by 16.67 per cent to 0.005 per cent. While the minimum amount remained at $2, the maximum would be reduced from $300 to $250 per side per trade. 'The effect of this latest discount will be that settlement fees for CCASS [Central clearing and settlement system] participants will be exactly half the amount charged in 1992,' company chairman John Chan said. Stock custody, cash dividend collection and corporate action fees would stay at the same level, but the charges would be capped for the first time. The charge for stock segregated accounts with statement service was being reduced from $50 to $10 per month per account.