About CMU

The Central Moneymarkets Unit (CMU) was established in 1990 to provide computerised clearing and settlement facilities for Exchange Fund Bills and Notes. In December 1993, the HKMA extended the service to other Hong Kong dollar debt securities. The CMU offers an efficient, safe and convenient clearing and custodian system for Hong Kong dollar debt instruments. The CMU service was further extended to non-Hong Kong dollar debt securities in January 1996. Over the years, the CMU has evolved to become the clearing and settlement system in Hong Kong for debt securities denominated in Hong Kong dollars and other major currencies, facilitating the bond market development in Hong Kong.
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Today, the CMU has developed various external links with regional and international central securities depositories (CSDs) for a broader service coverage. Beyond settling debt securities, the CMU now also offers an extensive range of post-trade and debt issuance services, providing members a secure and efficient system across borders.

The CMU is a member of the Asia-Pacific Central Securities Depository Group (ACG) since 2001.

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Hong Kong's Financial Infrastructure

The multi-currency, multi-dimensional payment and settlement platform of the HKMA, with extensive domestic and overseas system linkages, has helped maintain Hong Kong as a regional hub for payment and settlement of funds and securities (See diagram below).

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The Committee on Payments and Market Infrastructures (CPMI) (formerly known as Committee on Payments and Settlement Systems (CPSS)) of the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO) jointly issued a disclosure framework and assessment methodology in April 2012 for their principles for financial market infrastructures (PFMIs), which is the latest international standards for financial market infrastructures (FMIs).

The disclosure framework (DF) is intended to promote consistent and comprehensive public disclosure by FMIs in line with the requirements of the PFMIs. The CMU is subject to the DF, and the disclosure report of the CMU is completed according to the disclosure template outlined in the DF.

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