Hong Kong Ordinances

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE - SECT 8

Safety and efficiency

(1) In this Ordinance, reference to the safety of a clearing and settlement
system includes in particular reference to—

   (a)  the extent to which the operating rules of the system provide for
        certainty as to the circumstances under which transfer orders effected
        through the system are to be regarded as settled for the purposes of
        the system;

   (b)  the reliability and robustness of operation of the system;

   (c)  control over access to the operations of the system; and

   (d)  the integrity of information held within the system.

(2) In this Ordinance, reference to the efficiency of a clearing and
settlement system includes in particular reference to—

   (a)  the speed and efficiency with which operations relating to transfer
        orders within the system are carried out;

   (b)  the overall cost to a participant of his participation in the system,
        having regard to the services provided by the system to its
        participants;

   (c)  the reasonableness of criteria for admission as a participant in the
        system; and

   (d)  generally, the absence of measures having the effect of unfairly
        limiting, or exploiting the absence of, competition in relation to the
        functions performed by the system.