Banks in Hong Kong are entitled to access the system and can apply for direct membership through the settlement institution or indirect membership by settling their payments through direct members.Participation of other financial institutions has to be approved by the HKMA and the settlement institution on a case-by-case basis.The disclosure framework (DF) (PDF File, 229KB) is intended to promote consistent and comprehensive public disclosure by FMIs in line with the requirements of the PFMIs (
Besides providing interbank payment services, payments arising from the HKMA's monetary operations are also conducted through the Hong Kong dollar RTGS system.
The Hong Kong dollar RTGS system has a single-tier membership structure.
As opposed to position netting, RTGS requires banks to have more intraday liquidity to settle payments during the day.
Banks in Hong Kong can obtain interest-free intraday liquidity through intraday repurchase agreements with the HKMA using Exchange Fund Bills and Notes.
The US dollar RTGS system (also known as US dollar CHATS) was launched in August 2000 with The Hongkong and Shanghai Banking Corporation as its settlement institution.