Sophistications in RTGS systems in Hong Kong. Ms Haster Tang Payment Systems Operation Division Hong Kong Monetary Authority
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1 Sophistications in RTGS systems in Hong Kong Ms Haster Tang s Operation Division Hong Kong Monetary Authority 10 February 2009
2 Overview Overview of financial infrastructure in Hong Kong Case study 1 : Mitigating Herstatt risk by CCPMP Case study 2: Improving settlement efficiency by liquidity optimiser 2
3 Overview of payment and settlement infrastructure in Hong Kong Euroclear AustraClear - Australia Clearstream AustraClear - New Zealand Mainland China Central Moneymarkets Unit (CMU) South Korea Rupiah Rupiah in in Indonesia Indonesia DvP DvP PvP DvP DvP PvP US US Dollar Dollar PvP Euro Euro Ringgit Ringgit in in Malaysia Malaysia DvP RTGS/ Cheque DvP PvP PvP Cheque CCASS CCASS DvP Renminbi Renminbi Guangdong Guangdong Province Province Hong Hong Kong Kong Dollar Dollar PvP RTGS/ Cheque Shenzhen Shenzhen Macau Macau Cheque Continuous Continuous Linked Linked Settlement Settlement (CLS) (CLS) Cross-border bond settlement link Cross-border payment link DvP: Delivery vs. PvP: vs. CMU Settlement system for bonds CCASS Settlement system for shares 3
4 How RTGS sophistications help reduce settlement risks and enhance settlement efficiency? 4
5 Case study 1 Mitigating Herstatt Risk by PvP via CCPMP 5
6 Issue - Herstatt Risk Hong Kong New York Bank A Bank A s correspondent bank confirms receipt of US dollar fund next day morning Bank A s corresponding bank in US Hong Kong dollar settled at day time Risk involving whole principal amount for over 20 hours Herstatt Risk US dollar settled at night time in Hong Kong Bank B instruction Bank B s corresponding bank in US 6
7 Solution - PvP settlement for FX transactions Hong Kong USD RTGS Bank A HKD RTGS To mitigate Herstatt risk, the two currency legs should be settled simultaneously i.e. -versuspayment (PvP) How to ensure the simultaneity? Bank B 7
8 Implementation PvP mechanism using Cross currency payment matching processor (CCPMP) HKD RTGS in HK USD RTGS in HK Bank Bank B Bank Bank A Bank Bank B Bank Bank A HKD HKD RTGS RTGS HKD Cross Currency Matching Processor USD Cross Currency Matching Processor USD USD RTGS RTGS HKD HKD Settlement Settlement Institution Institution flow Matching USD USD Settlement Settlement Institution Institution Message flow 8
9 Linkages using CCPMP technology Malaysia Hong Kong RMB RTGS Ringgit RTGS Indonesia USD RTGS HKD RTGS EUR RTGS Rupiah RTGS = Real Time Gross Settlement = -versus-payment link = Link under construction 9
10 Case study 2 Improving Settlement Efficiency by Liquidity Optimiser 10
11 Issue Pressure to increase turnover efficiency Turnover in HK$ bn Hong Kong dollar RTGS system No. of transactions Average daily turnover in value Average daily turnover in volume Turnover of HK dollar RTGS system more than doubled (+127%) from 1997 to 2008 Highest turnover in a day: HK$1.7 trillion (US$ 214 bn eqv) [5 Nov 2007 refund day of Alibaba.com IPO] Need to find ways to use interbank liquidity more efficiently (i.e. a given amount of liquidity in the RTGS to support more interbank transfer) 11
12 Solution Multilateral offsetting instructions queued in RTGS system 1 Bank A to pay HK$5 million to Bank B 2 Bank B to pay HK$7 million to Bank A Without multilateral offsetting Bank A needs HK$5 million and Bank B needs HK$7 million to settle the two payment instructions separately With multilateral offsetting Bank A HK$5 million offsetting Bank B Liquidity needed to settle the two payments Bank A: 0 Bank A HK$7 million Bank B Bank B: HK$2 million 12
13 Implementation RTGS Liquidity Optimiser (RLO) The mechanism is made possible by implementing a multilateral offsetting feature with sophisticated queue management algorithm in the RTGS system, gaining the advantages of the instantaneous settlement finality of the RTGS + the liquidity efficiency of net settlement system 13
14 Benefits of Implementation RTGS Liquidity Optimiser (RLO) The mechanism serves : To optimize the use of the liquidity in the RTGS system to settle as many as possible payments that have been posted in the queue, thereby avoiding any possible payment gridlocks To help bank users to minimize the amount of liquidity keeping in the system, thereby saving the cost of funding 14
15 Various Optimisers implemented in Hong Kong 08:30 Opening of HKD RTGS 09:30 CCASS Bulk Settlement Run CCASS optimiser 10:45 RTGS payments ~ 13:45 7 RLO runs at 30-minute intervals 14:15 CLG Bulk Settlement Run CHATS optimiser + Cross currency CHATS optimiser 15:15 ~ 18:15 7 RLO runs at 30-minute intervals 18:30 Closing of HKD RTGS CCASS Bulk Settlement Run for the money settlement of stock market transactions presented on the previous day CLG Bulk Settlement Run for the settlement of cheques presented on the previous day 15
16 Thank you
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