Banking, Financial Services and Insurance

Hong Kong Exchanges and Clearing: AMS/3 & Trading Network Solutions

Background

Hong Kong Exchanges and Clearing Limited (HKEX) operates a stock market and futures market in Hong Kong through its wholly owned subsidiaries The Stock Exchange of Hong Kong Limited (SEHK) and Hong Kong Futures Exchange Limited (HKFE).

PCCW Solutions has played an important part in providing professional project management support to HKEX to ensure Derivatives Clearing and Settlement System (DCASS) platform readiness. The DCASS project will upgrade the quality and operational efficiency of derivatives clearing and settlement. It will enable HKEX to better respond to the market challenges ahead.”

Kwong Ki-chi

Previous Chief ExecutiveHong Kong Exchanges and Clearing Limited

Challenges

With increasing customer demands, HKEX must provide a seamless interface for trading and clearing. HKEX requires to build the third generation of the automatic order matching and execution system (AMS/3), while complying with stringent regulation on sensitive data and addressing strict operational requirements in production environment.

Solutions

PCCW Solutions was chosen to develop and implement the Order Routing System, the Multi-Workstation System and the real-time AMS/3 trading network. It also supplies system hardware and software for the host-end platform to support the Derivatives Clearing and Settlement System (DCASS). Services provided include installation and configuration, planning, control and management of various implementation tasks. DCASS is a fully electronic and automated clearing and settlement system capable of supporting different types of derivative products and trading environments.

Value created

The project is considered a value investment for Hong Kong's stock market in enhancing efficiency and strengthening Hong Kong as an international financial center.