Securities & Futures Commission of Hong Kong

Settlement bank crisis - the failed bank is the settlement bank of a broker or provides loans to the broker

Q1:

I deposited money for settlement of a trade into a broker's account at the failed bank just before it collapsed (T+1). Is there a problem?

A:

This should be considered by the administrator of the failed bank based on the actual situation.

Q2:

What settlement alternatives are available? For instance, should I take cheques directly to my broker?

A:

Yes, you may take cheques directly to the broker for settlement. You are advised to clarify other settlement alternatives with your broker directly.

Q3:

I have a cheque drawn by my broker on the failed bank. Can I still bank in the cheque?

A:

You should ask the broker to make alternative arrangements.

3.5616 s