Hong Kong: Improved settlement process for Central Moneymarkets Unit (CMU)


Clearstream Banking1 would like to inform customers that effective

Monday 17 July 2017

the Hong Kong Monetary Authority (HKMA) will implement settlement process enhancements to the Central Moneymarkets Unit (CMU). The improvement of the CMU’s settlement process will reduce the intraday settlement risk and promote the use of real-time settlement to achieve a higher settlement efficiency. On the launch date, all CMU securities transactions will be required to settle in real-time, while the “end of day batch” settlement mode will be abolished.

For CMU securities transfer instructions sent via SWIFT MT540-3 messages, the field 22F::RTGS in sequence E will be an optional field. The “daylight processing” will not be a settlement matching criteria.

Impact on customers

Xact via SWIFT and Xact File Transfer (MT540-MT543)

As of 17 July 2017

Field :22F: Real Time Gross Settlement Override Indicator, sequence E

Customers must either indicate :RTGS//YRTG or :RTGS//

Note: :RTGS//NRTG will be rejected. 


As of 17 July 2017

Processing Indicator

Customers must indicate the Optional Settlement Period (OSP).

Xact Web Portal

As of 17 July 2017

Securities RTGS


Note: This applies for settlements on the CMU platform in the Hong Kong market only and is not applicable for Internal/Bridge settlements.

Further information

The instruction specifications and related documentation will be updated accordingly in the Creation Link Guide – Hong Kong.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for CBF customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.