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'''Clearing House Automated Transfer System''', or '''CHATS''', is a [[Real Time Gross Settlement]] (RTGS) system for the transfer of funds in [[Hong Kong]]. It is operated by [[Hong Kong Interbank Clearing Limited]], a private company jointly owned by the [[Hong Kong Monetary Authority]] and the [[Hong Kong Association of Banks]]. Transactions in three currency denominations may be [[Settlement (finance)|settled]] using CHATS: [[Hong Kong dollar]], [[euro]], and [[United States dollar|US dollar]].<ref name="HKFacts">{{cite web|url=http://www.gov.hk/en/about/abouthk/factsheets/docs/financial_services.pdf|title=Financial Services|publisher=Information Services Department, Hong Kong SAR|format=PDF|month=November|year=2007|accessdate=2008-09-15}}</ref> In 2005, the dollar amount of Hong Kong dollar CHATS transactions averaged HK$467 billion per day, which amounted to a third of Hong Kong's annual [[Gross Domestic Product]] (GDP); the total volume of transactions that year was 84 times the GDP of Hong Kong.<ref name="EconForum">{{cite web|url=http://info.hktdc.com/econforum/hkma/hkma060701.htm|title=RTGS Payment Systems|publisher=Hong Kong Trade Development Council|date=2006-07-06|accessdate=2008-09-15}}</ref>
'''Clearing House Automated Transfer System''', or '''CHATS''', is a [[Real Time Gross Settlement]] (RTGS) system for the transfer of funds in [[Hong Kong]]. It is operated by [[Hong Kong Interbank Clearing Limited]], a private company jointly owned by the [[Hong Kong Monetary Authority]] (HKMA) and the [[Hong Kong Association of Banks]]. Transactions in three currency denominations may be [[Settlement (finance)|settled]] using CHATS: [[Hong Kong dollar]], [[euro]], and [[United States dollar|US dollar]].<ref name="HKFacts">{{cite web|url=http://www.gov.hk/en/about/abouthk/factsheets/docs/financial_services.pdf|title=Financial Services|publisher=Information Services Department, Hong Kong SAR|format=PDF|month=November|year=2007|accessdate=2008-09-15}}</ref> In 2005, the dollar amount of Hong Kong dollar CHATS transactions averaged HK$467 billion per day, which amounted to a third of Hong Kong's annual [[Gross Domestic Product]] (GDP); the total volume of transactions that year was 84 times the GDP of Hong Kong.<ref name="EconForum">{{cite web|url=http://info.hktdc.com/econforum/hkma/hkma060701.htm|title=RTGS Payment Systems|publisher=Hong Kong Trade Development Council|date=2006-07-06|accessdate=2008-09-15}}</ref>


==History==
==History==

Revision as of 01:58, 16 September 2008

Clearing House Automated Transfer System, or CHATS, is a Real Time Gross Settlement (RTGS) system for the transfer of funds in Hong Kong. It is operated by Hong Kong Interbank Clearing Limited, a private company jointly owned by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks. Transactions in three currency denominations may be settled using CHATS: Hong Kong dollar, euro, and US dollar.[1] In 2005, the dollar amount of Hong Kong dollar CHATS transactions averaged HK$467 billion per day, which amounted to a third of Hong Kong's annual Gross Domestic Product (GDP); the total volume of transactions that year was 84 times the GDP of Hong Kong.[2]

History

Prior to the launch of CHATS as a RTGS system, interbank settlements in Hong Kong relied on a multi-tier system which settled in a daily net basis. About 170 banks settled with 10 banks. These 10 banks, in turn, settled with Hongkong Bank, which then settled with the HKMA in a one-to-one basis. Hongkong Bank acted as the clearing house under this system, settling payments across its books in a net basis on the day following the transactions. The HKMA decided that this did not meet international standards as set by G10's Committee on Payment and Settlement Systems; following a six-month feasibility study, in June 1994, it decided to develop CHATS as a RTGS system.[3]

After two years of development, CHATS for Hong Kong dollars was launched on 9 December 1996.[4] CHATS for US dollars and euros were launched on 21 August 2000 and 28 April 2003, respectively.[5][6] In July 2007, the Regional CHATS Payment Services was also launched to link all participants in the three different CHATS versions for transactions involving currency exchange.[7]

References

  1. ^ "Financial Services" (PDF). Information Services Department, Hong Kong SAR. 2007. Retrieved 2008-09-15. {{cite web}}: Unknown parameter |month= ignored (help)
  2. ^ "RTGS Payment Systems". Hong Kong Trade Development Council. 2006-07-06. Retrieved 2008-09-15.
  3. ^ Norman T.L. Chan, Deputy Chief Executive of Hong Kong Monetary Authority (1997-06-11). "Hong Kong - CHATS". Hong Kong Monetary Authority. Retrieved 2008-09-15.
  4. ^ "Real Time Gross Settlement System". Hong Kong Interbank Clearing Limited. Retrieved 2008-09-15.
  5. ^ "USD Clearing System in Hong Kong". Hong Kong Interbank Clearing Limited. Retrieved 2008-09-15.
  6. ^ "Euro Clearing System in Hong Kong". Hong Kong Interbank Clearing Limited. Retrieved 2008-09-15.
  7. ^ "News in 2007". Hong Kong Interbank Clearing Limited. Retrieved 2008-09-15.
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