HKMA Grants Licence of Central Moneymarkets Unit Linkage

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Last updated at: (Beijing Time) Saturday, October 19, 2002

HKMA Grants Licence of Central Moneymarkets Unit Linkage

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The Hong Kong Monetary Authority(HKMA) announced Friday that BondsInHongKong Limited (BIHK) has been granted a licence to provide direct electronic clearing and settlement linkage using a system interface with the Central Moneymarkets Unit (CMU).

CMU is a central custodian and clearing system for debt securities operated by the HKMA. The system interface between BIHKand the CMU will facilitate straight-through processing (STP) for over-the-counter debt securities transactions which are cleared through the CMU.

Electronic bond trading platforms such as that provided by BIA can help enhance secondary market liquidity of the local debt market and improve the price discovery process.

BIHK, a subsidiary of BondsInAsia Limited (BIA), operates a front-end electronic trading platform for debt securities in Hong Kong,

"This straight-through-processing facility will streamline the settlement process and enhance settlement efficiency, to the general benefit of the debt market in Hong Kong," said Tony Latter,deputy chief executive of the HKMA, at the agreement signing ceremony Friday.

"The interface will minimize manual intervention in the post-trade process and reduce operational costs for market participants.We welcome developments of this nature to further strengthen the financial market infrastructure in Hong Kong," he said.

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