1 Trading, settlement and cross-border access
System names are only the entry point; the exam tests what each system does and when risk transfers.
Trading and clearing systems
SEHK / HKSCC Rules- Hong Kong cash securities trade primarily through OTP-C; CCASS handles clearing and settlement. The common settlement cycle is T+2. Numbers
- Continuous Net Settlement in the central clearing system reduces the complexity of bilateral counterparty arrangements through novation. Definition
系統配對
OTP-C = securities trading; HKATS = futures/options trading; CCASS = securities clearing; DCASS = derivatives clearing.
Short selling and Stock Connect
SFO s.170 / Exchange Rules- Regulated short selling must be covered and comply with reporting and price rules; naked short selling is generally prohibited. Exam
- Northbound trading currently does not permit day trading; candidates should also note eligible securities, investor identification and Mainland settlement arrangements. Trap
答題流程
For short-selling questions: first ask whether the stock is borrowed or assured, then whether the stock and price satisfy the rules.
