Hong Kong Exchanges and Clearing (HKEx) today (Thursday) announced that it would eliminate a number of minor fees charged for its services from 1 January next year in order to improve its administrative efficiency and reduce market participants' costs.
HKEx expects elimination of these fees will have no material impact on its revenue.
Amendments to relevant exchange and clearing house rules and/or operational procedures have been approved by the Securities and Futures Commission. The amendments have been posted on the HKEx website under the Regulatory Framework and Rules section.
The fees that will be eliminated are shown in the following table.
Fees to be elimin |
Amount |
|
Participant administration |
|
|
1. |
HKCC Participant subscription fee |
$6,000 per annum |
2. |
HKCC Participant application processing fee |
$6,000 |
3. |
Issuance of duplicate HKCC Participant certificate |
$1,500 |
4. |
Issuance of duplicate HKFE Participant certificate |
$1,500 |
5. |
Issuance of duplicate HKFE Trading Right certificate |
$5,500 |
6. |
Resetting HKATS password or reissuing password notification letter |
$200 per user per occurrence |
7. |
Resetting DCASS password or reissuing password notification letter |
$200 per user per occurrence |
8. |
Replacement of SEHK Participant certificate |
$100 |
9. |
Replacement of SEHK Trading Right certificate |
$100 |
Trading |
|
|
10. |
Installation or termination of CLICK workstations (derivatives market) |
$800 per workstation |
11. |
Lost Dealing Desk key (securities market) |
$50 |
12. |
Personal computer connection (securities market), comprising installation of computer notebook & installation of router |
$400 |
13. |
File transfer system (securities market) |
$1,100 one-time installation charge; $90 monthly user fee |
14. |
Printer sharer maintenance (securities market) |
$1,000 per set per annum |
Clearing |
|
|
15. |
CCASS Investor Participant (IP) account fee - Delinquent account re-access handling fee |
$1,000 |
16. |
CCASS IP account fee - Dormant account fee |
$200 |
17. |
CCASS IP account fee - Fee for quick cancellation of an IP account |
$200 |
18. |
CCASS IP account fee - Short Message Service fee |
Already waived since the service was launched; the rule provision has not been installed |
19. |
CCASS IP account fee - Handling fee for Direct Debit Instruction/ Direct Credit Instruction rejected or returned by Designated Bank |
$20 per reject of DDI/ |
20. |
CCASS IP account fee - Handling fee for stock certificates deposited by IP and subsequently rejected by share registrars |
$20 per reject per stock per deposit order |
21. |
CCASS IP account fee - Surcharge on overdue money balances owed to HKSCC |
3% on latest overdue balance if overdue for more than 3 calendar months; additional 6% on latest overdue balance if remained overdue for more than 6 calendar months |
22. |
CCASS handling fee for USD inward and outward payments by/to Participants who are in the process of opening designated USD bank accounts for money settlement |
$20 per payment by/to the Participant or Investor Participant |
23. |
CCASS Account Transfer Instructions to move securities between the Stock Accounts (except Stock Segregated Account with Statement Service) of the same participant |
Currently not charged; the corresponding rule provision is repealed |
24. |
CCASS handling fee for replacing defective warrant certificates |
$2,500 |
25. |
CCASS stock lending fee |
Currently not charged; the corresponding rule provision is repealed |
26. |
DCASS additional account opening fee |
$100 per account |
27. |
DCASS additional account maintenance fee |
$10 per month per account (from next calendar year after account is opened) |
28. |
DCASS handling fee for deposit/withdrawal of non-cash collateral |
$100 per transaction |
Others |
|
|
29. |
Courses/training |
$300 per person per course/training session
|
Note:
SEHK:
The Stock Exchange of Hong Kong
Limited (a wholly-owned subsidiary of HKEx)
HKFE:
Hong Kong Futures Exchange
Limited (a wholly-owned subsidiary of HKEx)
HKSCC:
Hong Kong Securities Clearing
Company Limited (a wholly-owned subsidiary of HKEx)
HKCC:
HKFE Clearing Corporation
Limited (a wholly-owned member of the HKEx Group)
HKATS:
Hong Kong Futures Automated
Trading System, the trading system for HKEx's derivatives market
CCASS:
Central Clearing and Settlement
System, the clearing and settlement system for HKEx's securities market
DCASS:
Derivatives Clearing and
Settlement System, the clearing and settlement system for HKEx's
derivatives market