Monday August 12 2013
News Source: Global Exchanges
Focus: General - Global Exchanges
Type: General
Country: Hong Kong
Link: http://en-rules.sfc.hk/net_file_store/new_rulebooks/h/k/HKSFC3527_4420_VER10.pdf
The Securities and Futures Commission of Hong Kong (SFC) has issued guidelines for recognized clearing houses concerning the application of the “Principles for financial market infrastructures” (PFMIs) published jointly by the Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO).
The PFMIs, issued in April 2012, are designed to ensure that financial market infrastructures supporting global financial markets are robust and well placed to withstand financial shocks. These principles apply to all systemically important financial market infrastructures (FMIs). The guidelines articulate that the SFC expects recognized clearing houses to observe the PFMIs. Such observance will be taken into account in assessing whether recognized clearing houses have discharged their duties under the Securities and Futures Ordinance (SFO).
The SFC will discuss with existing recognized clearing houses to determine an appropriate implementation timeline for the observance of the PFMIs.
Click on the above link for more details.