CCASS, short for Central Clearing and Settlement System, is a computerized clearing and settlement system used in Hong Kong for the settlement of securities traded on the stock exchange. It serves as the centralized platform for the efficient delivery, registration, clearing, and settlement of securities transactions.
CCASS acts as an intermediary between various entities involved in the securities market, including brokers, custodian banks, and financial institutions, providing them a safe and reliable infrastructure for the transfer and settlement of securities. It streamlines the post-trade process by automating and integrating the functions of trade confirmation, matching, and settlement.
The primary objective of CCASS is to facilitate the efficient and secure transfer of ownership of securities between buyers and sellers. It operates on the principle of a book-entry system, where securities are represented by electronic records rather than physical certificates. This eliminates the need for physical handling and storage of securities, reducing operational risks and costs.
CCASS also offers a range of value-added services, including stock borrowing and lending, securities collateral management, and corporate actions processing. These services enhance market liquidity, facilitate short-selling activities, and provide greater flexibility for investors and market participants.
Overall, CCASS plays a crucial role in maintaining the integrity and stability of the securities market in Hong Kong by ensuring timely and accurate settlement of transactions, enhancing transparency, and minimizing risks associated with the transfer of securities.
