Page 7 - Demo
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 “香港的創新紀錄優良,監管當 局的政策以數碼化為重點。
    Achieving the ultimate panacea of T+0
Some go further and argue that the market should embrace T+0 or instantaneous settlement. It is possible to settle trades on T+0 using today’s technology infrastructure and, in theory, T+0 makes perfect sense for market participants as instant settlements should hypothetically reduce their counterparty risks and costs. Even though T+0 is technically feasible
today, however, it would create a number of operational challenges, not least because it requires market users to pre- fund their transactions – which can actually lead to increased counterparty risk.
Mainland China practices T+0 for securities settlement, with cash funding required on T+1 at the latest and with a lien
put on the securities while waiting for the cash funding. Around 95% of A-shares turnover is settled on T+0, with the remainder settled on T+1. This worked well while the market was largely domestic and retail driven, but as mainland China increasingly opens to overseas investment it creates funding issues for international investors, especially those in different time zones. So far foreign investors have needed to adapt
to the A-shares’ prevailing practice rather than the market accommodating foreign investors’ needs. Saudi Arabia, on
the other hand, moved from T+0 to T+2 in 2017 as part of market liberalisation to attract greater foreign investment. Despite the difficulties, some aspects of mainland China’s A-shares market could be useful for other markets to learn from or at least reference when looking at options for shorter settlement cycles.
追求最終目標T+0
有些人更進一步提出,市場應追求T+0,也就是 即 時 結 算 。利 用 今 天 的 技 術 設 施 ,有 可 能 做 到 T+0,而理論上,即時結算應可降低交易對手風 險及成本,對市場參與者而言,實行T+0很有道 理。然而,即使今天T+0在技術上可行,在運作 上將面對一些考驗,包括市場使用者須為交易 事先付款,這可能增加交易對手風險。
內地證券結算實行T+0,現金最遲須在 T+1支 付,未付款前以證券作為抵押。A股交易當中, 約95%以T+0模式結算,其餘為T+1。在以本地 交易為主,由零售客戶帶動的市場下,T+0運作 順利。但隨着內地逐漸開放予海外投資,T+0的 要求便為國際投資者(特別是身處不同時區的 投資者)帶來融資問題。至今為止,外國投資者 均須適應A股市場的一貫做法,市場並無遷就 外 國 投 資 者 的 需 要 。另 一 方 面 ,沙 特 阿 拉 伯 在 2017年由T+0更改為T+2,作為開放市場措施 的 一 部 分 ,以 吸 引 更 多 海 外 投 資 。儘 管 實 行 上 有困難,內地A股市場某些方面的經驗十分有 用,讓其他市場在考慮縮短結算期的做法時可 仿效,或起碼作為參考。
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 JULY-AUGUST 2021
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