Hong Kong Securities Clearing Company (HKSCC) has announced the launch of the HKD-RMB Dual Counter Model in the first half of 2023 to make cross counter transfers of multi-counter securities more efficient and flexible. The Multi-counter Transfer Instruction (MCTI) process will undergo some changes, including an extension of the input and cancellation functions for Inter-counter Transfer/Conversion Instruction until 5:15 pm, and an extension of the batch file upload function time for MCTI until 4:30 pm. The Multi-counter eligible securities transfer fee of HK$5 per instruction will be abolished. CPs can apply for an exemption of buy-in if they have an outstanding short position in one counter but have enough securities or a long position in the other counter to settle the short position by T+2. The ICI function in CCASS will allow for free cross transfers between HKD and RMB counters of the same stocks within A/C 01 for settlement purposes. Designated Multi-counter Eligible Securities will be listed on Client Connect. CPs are reminded to review their internal controls to comply with client asset rules and prevent misappropriation of client assets.
resource: https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/HKSCC/2023/ce_HKSCC_SET_016_2023.pdf
