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Hong Kong Interbank Clearing Limited (HKICL) is the operator of the payment systems, providing banks with various interbank clearing and settlement services.Introduced in 1996, the Hong Kong dollar Real Time Gross Settlement (RTGS) system (also known as Hong Kong dollar Clearing House Automated Transfer System (CHATS)) enables safe and efficient settlement of interbank payments denominated in the Hong Kong dollar.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 euro RTGS system (also known as Euro CHATS) was launched in April 2003 with the Standard Chartered Bank (Hong Kong) Limited as its settlement institution.The renminbi RTGS system (also known as renminbi CHATS) was upgraded from the Renminbi Settlement System in June 2007 with the Bank of China (Hong Kong) Limited as its Clearing Bank.Non-local banks and financial institutions can also choose to join the system indirectly by settling their payments through direct members in Hong Kong.

Position netting exposed banks to systemic risk because the failure of one bank to pay the amount due at the end of the day might expose other banks to unexpected payment obligations, triggering a chain of defaults.Interbank fund transfers are made through payment systems that are essential components of the financial infrastructure.Hong Kong's payment systems allow interbank transfers in the Hong Kong dollar, US dollar, euro, and renminbi.This finality is protected from insolvency laws and other laws by the Payment Systems and Stored Value Facilities Ordinance.

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Pv P is a mechanism for settling a foreign exchange transaction where payments in the two currencies involved are settled simultaneously.

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  • Hong Kong Monetary Authority - Payment Systems profil de paulette60


    Interbank fund transfers are made through payment systems that are essential. of interbank payments. interest-free intraday liquidity through.…