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Service Overview

As a financial market infrastructure (FMI), the CMU offers a broad range of services to ensure debt securities are settled efficiently and held in a secure manner.

CMU Service Snapshot

Why CMU

  • Comprehensive services – apart from clearing and settlement, the CMU offers primary issuance, liquidity management and post-trading service such as provision of intraday and overnight repo facilities.
  • Access to various investor pools and a wide range of securities – through the CMU's links with regional CSDs and ICSDs, issuers can conveniently reach foreign investor base while investors can settle and hold overseas debt securities via the CMU.
  • A strong network of arrangers – most active arrangers of debt securities primary issuance in Hong Kong are CMU members.
  • Low cost – owned and operated by HKMA, the CMU strives to maintain a favourable fee schedule to facilitate the bond market development in Hong Kong.
  • Tax concession and available subsidies – debt securities lodged with and cleared by the CMU may be eligible for profits tax concession and the Green and Sustainable Finance Grant Scheme.
Main Scope of Service:

Type of Instruments

The following types of money market and capital market instruments can be handled by the CMU:

  • Exchange Fund Bills and Notes (EFBN) issued by the Exchange Fund of the HKSAR Government
  • Government bonds and Government green bonds issued by the HKSAR Government
  • Debt securities issued by public and private sectors
  • Sovereign bonds and bills issued by the Ministry of Finance of the People's Republic of China (CMOF) and the People's Bank of China (PBoC) 
  • RMB, USD and EUR denominated debt securities issued in offshore markets by the People's Bank of China (PBOC), the Ministry of Finance of the People's Republic of China (CMOF); the Local People's Governments at various levels of the People's Republic of China (Local People's Governments); and the policy banks of the People's Republic of China (China Policy Banks), namely Agricultural Development Bank of China, China Development Bank, and Export and Import Bank of China 
  • Bond Connect securities lodged with China Central Depository and Clearing Co., Ltd and Shanghai Clearing House in Mainland China
  • International securities lodged with Euroclear and Clearstream, and certain domestic markets supported by CMU through these ICSD linkages
  • Debt securities lodged with regional CSDs such as
    • Austraclear
    • Korea Securities Depository

CMU Service Window

The CMU system generally opens from 8:30 a.m. until 6:30 p.m. on Monday to Friday (except 1st January and Hong Kong general holidays) for clearing and settlement service.  The CMU system further operates until 5:00 a.m. the next day for CNY related repo facility.

Besides, the CMU also provide some services (such as Northbound Bond Connect linkage service) on certain weekends and Hong Kong general holidays which fall on the Mainland settlement days.

Related Information

 
Last revision date : 03 Aug 2023