OASIS user guide - Hong Kong Exchanges and Clearing Limited

OTC Clearing Hong Kong Limited 

OTC Account Services Information System 

(OASIS) Web Portal User Manual 

September 2013

Disclaimer 

====================================================================== 

The information of this document serves for education, training and/or on-boarding purposes 

only. HKEx assumes no responsibility for any errors, omissions or conflicts with clearing 

house rules, procedures and other official notice/circulars. Also, all examples in this 

document are used for illustration purposes only, and should not be considered the results of 

actual market circumstances. All matters pertaining to specifications herein are made subject 

to further revision and are superseded by official HKEx rules. 

====================================================================== 

September 2013 Page 2 of 107

Amendment Log 

Updated 

Date 

Document / 

Section 

Description 

21 Jan, 2013 Part II, section A.2 

- Update screenshot due to latest change on collateral 

type accepted 

2 April, 2013 Part IV, Appendix 2 - Revise the name of rate index. 

14 May 2013 Part I, section 4 

24 July 2013 Part II, section 2 

- Revise the access profile type available for Clearing 

Members. 

- Insert new sections to increase clarity on the system 

behavior when amending and cancelling collateral 

movement requests 


Table of Contents 

Part I – General Information ..................................................... 6 

1. Introduction ...................................................................... 6 

2. System Overview ............................................................. 8 

2.1. FRAMEWORK OVERVIEW ............................................................................................. 8 

2.2. OASIS OPERATING HOURS ........................................................................................ 8 

2.3. FUNCTIONS AND KEY FEATURES ................................................................................. 9 

3. Technical Requirements ............................................... 10 

3.1. CONNECTION REQUIREMENTS .................................................................................. 10 

3.2. SOFTWARE REQUIREMENTS ...................................................................................... 13 

3.3. COMPUTER VIRUS / WORM SECURITY MEASURES ................................................... 13 

3.4. PROHIBITED ACTIONS ON OASIS SYSTEM ............................................................... 13 

4. Access Control and User Account Management ...... 14 

4.1. ACCESS CONTROL ..................................................................................................... 14 

4.2. USER ACCOUNT MANAGEMENT ................................................................................. 14 

PART II – OASIS Collateral Management Portal .................. 16 

1. Getting Started ............................................................... 16 

1.1. LOGON AND LOGOFF ................................................................................................. 16 

1.1.1. Portal Logon .............................................................................................. 16 

1.1.2. Portal Logoff .............................................................................................. 24 

1.2. SCREEN STANDARDS ................................................................................................. 26 

1.2.1. Portal layout ............................................................................................... 26 

1.2.2. Common Features .................................................................................... 30 

2. Collateral Management ................................................. 32 

2.1. SEARCH FUNCTION FOR MARGIN CALLS / COLLATERAL DEPOSIT REQUEST / 

COLLATERAL WITHDRAWAL REQUEST ..................................................................... 37 

2.1.1. Function Description ................................................................................. 37 

2.1.2. Available Function Time .......................................................................... 37 

2.1.3. How to Use (Step by Step) ...................................................................... 37 

2.2. COLLATERAL DEPOSIT REQUEST .............................................................................. 42 

2.2.1. Function Descriptions ............................................................................... 42 



2.3. COLLATERAL WITHDRAWAL REQUEST ...................................................................... 50 





2.4. AMENDMENT OF REQUEST PRIOR TO APPROVAL ..................................................... 60 




2.5. APPROVAL PROCESS OF REQUEST ........................................................................... 63 




3. Report Functions ........................................................... 67 

3.1. VIEWING AND DOWNLOADING REPORTS ................................................................... 67 




3.2. SEARCHING THE REPORTS ........................................................................................ 73 




Part III – OASIS Margin Simulator Portal .............................. 75 

1. Getting Started ............................................................... 75 

1.1. LOGON AND LOGOFF ................................................................................................. 75 

1.1.1. Logon .......................................................................................................... 75 

2. Interface Operation ........................................................ 76 

2.1. CLEARED TRADE BLOTTER ........................................................................................ 77 

2.1.1. Descriptions ............................................................................................... 77 


2.2. WHAT-IF TRADE ......................................................................................................... 81 


2.2.2. IRS What-If Trade – How to Use (Step by Step) ................................. 81 

2.2.3. FX NDF What-If Trade – How to Use (Step by Step) ......................... 87 

2.3. WHAT-IF PORTFOLIO ................................................................................................. 90 


2.3.2. IRS What-If Portfolio – How to Use (Step by Step) ............................. 90 

2.3.3. FX NDF What-If Portfolio – How to Use (Step by Step) ..................... 93 

PART IV – Appendix ................................................................ 96 


Part I – General Information 


1. Introduction 

OASIS stands for "OTC Account Services Information System" which is a Web Portal provided by 

OTC Clear to its Clearing Members to manage the collateral holdings and obligations with OTC Clear. 

This OASIS Web Portal User Manual aims to enable the Clearing Members of OTC Clear to make full 

and efficient use of OASIS by providing instructions for using the system's functions (input, enquiry 

and report retrieval). 

All instructions and activities in OASIS are subject to the respective Rules and Procedures of OTC 

Clear. 

Contents 

The Web Portal User Manual covers all available functions on OASIS. It is divided into two following 

parts: 

Part I: 

• General & System Related Information of OASIS 

Part II: 

• Using OASIS 

1. Collateral Management 

2. Margin Simulator 

This Web Portal User Manual will be subject to further amendments and changes to cover the 

continuous expansion of OASIS’ services. 

For any suggestions and comments about the content of the Web Portal User Manual, please contact: 

The OTC Clearing Operations Department 

Hong Kong Exchanges and Clearing Limited 

11/F Infinitus Plaza 

199 Des Voeux Road Central 

Hong Kong 

Hotline : 2211 6501 

Fax : 2427 2211 



Hotlines 

The following hotlines are available to answer Clearing Members' enquiries on matters related to 

OASIS and its operations: 

General Enquiries: 

Tel. No. : 2211 6538 

Service Hours : 9:00 a.m. to 6:00 p.m., Monday to Friday 

Email Address : OTCClear_OASIS@hkex.com.hk 

OASIS Collateral Management Hotline: 

Tel. No. : 2211 6501 


OASIS Margin Simulator Hotline: 

Tel. No. : 2211 6062 


Technical Enquiries: 

Tel. no. : 2211 6526 




2. System Overview 

2.1. Framework Overview 

The following diagram shows the connectivity between OTC Clear’s Clearing System (OCASS) and 

OASIS. 

Diagram1. Connection of OTC Clearing System and OASIS 

OTC 

Clearing 

System 

(OCASS) 

Margin Simulator 

Portal 

Collateral 

Management 

Portal 

SDNet Network 

Environment 

Clearing Members’ PC 

OASIS connection framework 

As shown in the diagram, Clearing Members need a PC (dedicated PC is recommended due to 

security concern) connecting OASIS via the Securities and Derivatives Network (SDNet). 

SDNet is a consolidated network infrastructure designed to support multiple market system networks. 

Currently, SDNet supports many of the existing market systems of Hong Kong Exchanges and 

Clearing Limited (HKEx) including the Hong Kong Futures Automated Trading System (HKATS) and 

the Derivatives Clearing and Settlement System (DCASS). Please refer to “Section 3 Technical 

Requirement” for application and the installation details. 

After completing the installation of SDNet and connection to OASIS, Clearing Members will be 

provided with two URLs, one for logging on to collateral management portal and another for margin 

simulator portal. 

2.2. OASIS Operating Hours 

The operating hours of OASIS are: 

7:30 a.m. to 11:00 p.m., every OTC Clear Clearing Day 1 

Please note not all functions of OASIS are available throughout the operating hours. A number of 

functions on OASIS have different operating hours and are detailed in the corresponding sections of 

PART II. 

1 means, at any time, each day appearing on the OTC Clear Clearing Days Calendar that is in effect 

at such time 


2.3. Functions and Key Features 


OASIS has the following main functions to facilitate Clearing Members’ daily operations: 

Collateral management portal 

• Maintenance Functions 

o Submit collateral deposit/withdrawal requests 

o Fulfill margin calls requirement 

• Enquiry Functions 

o Enquire collateral account movement 

o Enquire the status of collateral deposit/withdrawal requests 

o Enquire margin calls 

• Reporting Functions 

o Retrieval of various types of reports 2 , including: 

• Trade reports 

• Settlement reports 

• Margin reports 

• Market Data reports 

Margin simulator portal 

• Simulation Functions 

o Simulating margin requirement for a single trade 

o Simulating margin requirement for a portfolio 

Key features of the two portals: 

Collateral management portal 

• An interactive web browser terminal providing online input, enquiry and report download 

via a secured network 

"Maker-Checker" mechanism to ensure collateral deposit / withdrawal requests are created 

and approved by different users. 

Margin simulator portal 

• Clearing Member-friendly interface allowing users to manually input trade details or adopt 

“bulk upload” (for portfolio) approach for margin simulation 

• Display margin requirement before and after the simulation for easy analysis of the impact 

to the existing portfolio 

2 Please refer to the Report Usage Guide for more details on the specifications of each report 

published by OTC Clear, the guidance for interpreting the contents therein, and the frequency of 

publication of each such report. 



3. Technical Requirements 

3.1. Connection Requirements 

Clearing Members are connected to the OASIS through Securities and Derivatives Network 2 

(SDNet/2) infrastructure. SDNet/2 is provided by different network vendors to the Clearing Members. 

HKEx has defined a set of commercial and technical requirements for the SDNet/2 infrastructure. 

Through a comprehensive accreditation process, initially, 3 vendors have been appointed to provide 

SDNet/2 network services. These Accredited Vendors are (in alphabetical order): Hong Kong 

Telecommunications (HKT) Limited (also known as PCCW), Hutchison Global Communications 

Limited (HGC), and Wharf T&T Limited (Wharf T&T). 

To apply for SDNet/2, Clearing Members should first approach the Accredited Vendors and get the 

SDNet/2 application form and information. The Accredited Vendors’ contact numbers and email 

addresses are set out in the SDNet/2 Information Pack. Clearing Members should compare offers 

from the Accredited Vendors, read carefully all the terms and conditions as specified on the 

application form and the relevant material before completion of the application form. For general 

enquiry on the application process, interested party can contact the technical hotline in Part I section 1. 

Clearing Members may apply either single link connection (without resilience) or dual links connection 

for their backup site. However from system resilience perspective, dual links connection should be 

installed for the production site. The bandwidth requirement for 1 to 2 concurrent OASIS user(s) is 

1M and for 3 to 4 concurrent OASIS users is 2M. Also, OASIS users should access the portal via 

SDNet/2 using a dedicated PC. Clearing Members should ensure the security of information 

transmission and LAN switch for dual links or multiple dedicated PC connections. 



The following two diagrams show the dual links and single link connection communication network 

setup. 

Option 1: Dual links connection 

Remark: Hub is required for dual links connection. 



Options 2 : Single link connection 


3.2. Software Requirements 

OASIS Users’ PC specifications: 

Recommended configurations for an OASIS user PC are as follows: 

Items 

Descriptions 


Hardware 

Configuration 

For MS Windows 7 Professional: 

- Processor: Intel Core i5 2400 /3.1GHz 

- Memory: 4GB 

- Local Hard Disk: 500GB 

Software 

Configuration 

Operating System (OS): 

- MS Windows 7 Professional 

- Browser: Internet Explorer 8.0 (IE 8.0) 

- 

3.3. Computer Virus / Worm Security Measures 

Computer virus or worms are one of the concerns in the security measures of computer system. 

Various security measures have been employed in OASIS to protect it from computer virus or worms 

attacks. Besides, there are other potential sources of computer virus or worms e.g. use of external 

storage device in Clearing Member's PC for downloading OASIS information or uploading files to 

conduct simulation. Clearing Members should take the following precautionary measures for the 

OASIS users' PCs: 

Virus protection 

Install anti-virus software on OASIS users’ PCs and regularly update the virus definitions from the 

vendor. 

If OASIS user is using a dedicated PC without Internet connection, in some case, the vendor may 

make available the definition files daily in the Internet for download. Clearing Members may download 

the updated virus definition file with a PC with Internet access, save the file in a disk or flash disk and 

install the update at the OASIS users’ PC. 

Microsoft OS patch 

Regularly review and install the latest Microsoft security patches in OASIS users’ PCs. Clearing 

Members may subscribe to Microsoft technical security notifications to keep up-to-dated about 

security vulnerability and patches available. 

If OASIS user is using a dedicated PC without Internet connection, Microsoft security patches can be 

downloaded from Microsoft Download Center (or Microsoft Update Catalogue) separately with a PC 

having Internet access. Clearing Members may then save the file in a disk or flash disk and install the 

patch. 

3.4. Prohibited Actions on OASIS System 

Clearing Members must not perform any unauthorised access or security scanning (no matter at 

network, system or application level) on OASIS and any related network device not owned by them. 

Any such attempt will be regarded as illegal access or malicious intrusion to OASIS. 



4. Access Control and User Account Management 

4.1. Access Control 

OASIS provides different access rights to ensure that only relevant information is accessible to the 

authorised users of Clearing Members. These include: 

• Clearing Member ID 

• User profile, which includes: 

• user ID 

• user access level assignment 

Clearing Member ID 

OTC Clear assigns a Clearing Member ID to each Clearing Member upon the approval of its 

membership. It is a twelve-character code. 

Example: ABCDBANK001T 

User ID: 

A Clearing Member may delegate its OASIS operations to a maximum number of four internal staff 

("OASIS users"). A unique user ID is assigned to each OASIS user by OTC Clear. It is an eightcharacter 

code (e.g. ABCDHK01 or ABCDHK02), of which the first six characters are identical to the 

Clearing Member ID. HKEx has the right to suspend or delete the user ID of an OASIS user. 

User Access Level Assignment: 

Currently there is only single access profile type offering to Clearing Member. Please refer to Table 

4.2 for the function available for different OASIS user access groups. 

4.2. User Account Management 

User Access Level Assignment: 

There is only single access profile type offering to Clearing Member. Please refer to Table 4.2 below 

for details. 

Clearing Members can apply OASIS users account by completing and submitting “OASIS User 

Account Maintenance Form” to OTC Clear. The form is available for download on the HKEx website. 

Upon the approval of the OASIS user account, each OASIS user will be assigned a unique User ID 

and password to logon to OASIS. Clearing Members are required to collect the initial passwords of 

the OASIS users in person at OTC Clear office and change the password at the first logon and every 

90days. 

Table 4.2 Functions available for different OASIS user access groups: 

ACCESSIBLE FUNCTIONS 

OASIS Collateral Management Portal 

REPORT FUNCTIONS 

Report Download 

Report View 

COLLATERAL DEPOSIT 

Add * Collateral Deposit Order 


Amend * Collateral Deposit Order 

Reject * Collateral Deposit Order 

Authorise * Collateral Deposit Order 

COLLATERAL WITHDRAWAL 

Add * Collateral Withdrawal Order 

Amend * Collateral Withdrawal Order 

Reject * Collateral Withdrawal Order 

Authorise * Collateral Withdrawal Order 

OASIS MARGIN SIMULATOR 

Trade Blotter 

What-If Trade 

What-If Portfolio 


*Add and Amend functions are classified as Maker functions; while Reject and Authroise functions are 

classified as Checker functions. Though the Operator user access can perform both Maker and Checker 

functions, there are system validation in place that same Operator cannot perform both Maker and Checker 

functions on the same collateral deposit / withdrawal request. This is to ensure dual level validation to be 

performed for all collateral deposit/ withdrawal requests. 

Clearing Members' Responsibilities 

Each Clearing Member is responsible for informing OTC Clear of any subsequent changes to the list 

of authorised signatories in relation to any request to OTC Clear for OASIS access. 

It is the responsibility of each Clearing Member to control the access to OASIS by ensuring the 

security and confidentiality of the User IDs and passwords of its assigned users. Clearing Members 

shall be liable for all instructions inputted into OASIS via the OASIS Users ID assigned to them. 

If the OASIS user forgets his/her password, the Clearing Members should contact OTC Clear to reset 

the password and Clearing members are required to collect the new password in person at OTC Clear 

office. 


Part II – OASIS Collateral Management Portal 

PART II – OASIS Collateral Management Portal 

1. Getting Started 

1.1. Logon and Logoff 

This section explains the procedures for connecting to and dis-connecting from Portal (i.e. logon and logoff the Web Portal). 

1.1.1. Portal Logon 

1. Logon to Window 

2. Launch Internet Explorer 

3. Type Portal URL [http://www.otcclearinghk.com/eSelfService] into the box next to the address field and press Enter key in the keyboard 

4. The following login screen will be displayed. 



www 

5. Input OASIS User login ID and password, then click Sign in 





6. The following screen will be displayed when the logon is successful. 



First Time Logon 

You must change the password on first logon. 



Password Expiration 

OASIS user can change the password anytime and at least once every 90 days. 

1 

2 



3 

3 

4 

3 



Problem Logon 

The following error message will be displayed in the Portal for invalid login. 

Error Message at login 

Incorrect User/Password -- Please 

re-type a valid User/Password. 

Invalid Login Attempt 

Descriptions / Actions 

Either the User ID provided does not exist or the 

password entered does not match with the corresponding 

User ID. 

OASIS user need to input a correct combination of user 

ID and password. 

Two possibilities: 

1. The User ID is locked by the system after more than 

6 invalid login attempts. Please contact the support 

team for assistance. 

2. Login outside the operating hours. Try to login again 

during the operating hours. 

Login failed: User is not associated 

to a legal entity. Please contact 

your customer support at 

OTCmembership@HKEX.COM.HK 

Login failed: User has no 

UserDefaults. Please contact your 

customer support at 


Login failed: User has no Default 

Book in the UserDefaults. Please 

contact your customer support at 


There is a setup issue with the OASIS user account. 

OASIS user should contact the OASIS support team 

immediately. 

Login failed: User has no default 

Pricing Env in the UserDefaults. 

Please contact your customer 

support at 




1.1.2. Portal Logoff 

1. On any function screen, click the Customer Sign-out hyperlink at the top right hand corner. 



2. The following screen will be displayed when the logoff is successful. 



1.2. Screen Standards 

1.2.1. Portal layout 

The Portal screen is divided into three frames as shown in the following diagram. 

SUPPLEMENTARY MENU 

CONTENT 

MAIN MENU 



MAIN MENU: Core functions of the Collateral Management Portal, at the left side of the screen. 

CONTENT: All information and contents of the selected function from the MAIN MENU. Move the scroll bars to display the full contents if needed. 

SUPPLEMENTARY MENU: Hyperlinks for: (1) User settings, (2) Help, (3) Contact us, (4) Cut-off time and (5) Customer Sign-out. 

1.2.1.1. Main Menu 

The following functions are available for access through the Main Menu. 

Functions 

My Company 

Descriptions 

Choose between the clearing member of which the user acts on behalf. 

e.g. CMF00001 and CMF0002 are the corresponding ID for two different clearing 

members. In this example, the user is able to act on behalf of the two clearing members. 

HOME 

MARGIN CALLS 

Return to the Dashboard of the HOME page 

(Please refer to Section 1.2.1.3 for details) 

View and search outstanding or completed margin calls 

(Please refer to Section 2.1 for details) 

DEPOSITS 

1) View and search outstanding or completed collateral deposit requests 

2) Submit voluntary collateral deposit request 




WITHDRAWALS 

REPORT DOWNLOAD 

1) View and search outstanding or completed collateral withdrawal requests 

2) Submit collateral withdrawal request 


Search and download reports 

(Please refer to Section 3 for details) 

APPROVALS TO MAKE 

Authorize the collateral movements request 


1.2.1.2. Supplementary Menu 

Hyperlink 

Descriptions 

OASIS user settings 

Help 

1) Change the login password 

2) Update the full name, email address, telephone number and facsimile number of the specific OASIS user 

Provide guidance on using OASIS 



Contact Us 

Customer Sign-out 

Initiate an email to OTC Clear support 

Logoff the Portal 

1.2.1.3. Home Page Content 

The Dashboard of the HOME page provides a quick overview of the total number of margin calls, collateral withdrawals, collateral deposits, reports and requests that 

are pending approval (i.e. 4-eye checks) to the OASIS users. 

The figure displayed for “Margin Call (s)” represent the number of Margin Call triggered. 

The figures displayed for “Collateral Withdrawal(s)” and “Collateral Deposit(s)” represent the number of entry that is in status other than VERIFIED 

The figure displayed for “Reports” represent the number of reports currently available for member to retrieve or view online. 

The figures displayed for “Approvals to Make (4-Eyes)” represent the number of entry that is pending second level approval 



1.2.2. Common Features 

After selecting a feature under the Main Menu (except for HOME), a search panel (red box) and the result area (green box) will be displayed. The attributes of the 

search panel are different depending on the feature selected. 

SEARCH PANEL 

RESULT AREA 



On the Result Area, there is a header listing the feature/attributes of the entry. OASIS user can select the maximum entry to be display on the screen via the 

dropdown box on the top right hand corner. 

If the search result exceeds the maximum entry, user can navigate to the remaining entries by selecting . 

For the example, the search resulted in 20 entries and the first 15 is currently being displayed on screen. 



2. Collateral Management 

The following section explains how Clearing Members can use OASIS to manage their collateral balance with OTC Clear. The below table lists out different scenarios 

with consequent actions to be taken by Clearing Members: 

Scenarios Descriptions Actions required 

End-of-day Initial Margin Call 

– fulfilling the margin call in any 

eligible currency 

If required, the demand will be issued at 08:30 Hong Kong time on an 

OTC Clear Clearing Day via the Margin Calls function on OASIS. 

Clearing Member needs to fulfill the obligation in cash in any eligible 

currency. 

If member wants to settle the call in base currency 

(i.e. HKD): 

No action needs to be done on OASIS. 

The Clearing Member effect the payment through 

the Real Time Gross Settlement (RTGS) system to 

OTC Clear’s designated bank account. 

If member wants to settle the call in non-base 

currencies: 

Follow the process described in Appendix 4. 




Note: The status of the margin call will be updated 

upon confirmation of the receipt of the payment. 




Routine Intra-day VM Call 

– fulfilling the margin call in the 

preferred currency (“Intra-day 

VM Currency). 

If required, the demand will be issue at the Routine VM Call Time on an 

OTC Clear Business Day via the Margin Calls function on OASIS. 

Clearing Member need to fulfill the obligation by depositing collateral in 

the preferred currency within an hour following the Routine Intra-day VM 

Call. 

Note: For intra-day VM calls, clearing members can use the column of 

“available collateral” and “used” in WEB ERSCollateral report published 

at 1:30 p.m (after portfolio novation is completed) to estimate the call 

amount.. Below are two examples to provide call details: 

Scenario 1 – no trade is cleared today. In this case the margin call fully 

reflects the change in collateralized variation margin (i.e. PnL movement 

during the day) 

Member's 

collateral 

balance 

Initial 

margin 

Collateralized 

variation 

margin 

Total margin 

requirement 

intra-day 

margin call 

amount 

300 300 100 400 100 

Scenario 2 – one trade is cleared today. In this case the intra-day margin 

call reflects majority of the change in collateralized variation margin (i.e. 

PnL movement during the day) 

Start of 

the day 

Member's 

collateral 

balance 

Initial 

margin 

Collateralized 

variation 

margin 

Total 

margin 

requirement 

intraday 

margin 

call 

amount 

120 100 0 200 - 


(i.e. HKD): 






currencies: 






upon confirmation of the receipt of the payment. 




With 

new 

trade 

cleared 

(IM 

increase 

by 10) 

120 110 100 210 90 

Ad hoc Intra-day VM Call 

– fulfilling the margin call with 

cash in the Contractual Currency 

of the relevant Contract. 

Holiday Margin Call 

– fulfilling the margin call in any 

eligible currency 

Guarantee Fund Call 

If required, the demand will be issued via the Margin Calls function on 

OASIS. The timeframe of triggering ad hoc vm call will be from 08:30 HK 

local time to 15:00 HK local time unless further notified by OTC Clear. 

Clearing Member need to fulfill the obligation by depositing collateral in 

contractual currency within an hour following the Margin Call. 

If required, the demand will be issued at 08:30 Hong Kong time on the 

OTC Clear Business Day issued via Margin Calls function on OASIS. 

The Clearing Member need to fulfill the obligation by depositing collateral 

in the preferred currency within an hour following the Margin Call. 

If required, the demand will be issued either at 08:30 Hong Kong time, 

14:15 Hong Kong time or other time specified by OTC Clear via the 

Margin Calls function on OASIS. 

Note: pursuant to OTC Clearing Hong Kong Limited Clearing Procedures 

7.5, OTC Clear may request a Clearing Member to post additional 

Collateral when the value recorded in the Rates and FX Contribution falls 

below the Rates and FX Liability (i.e. a drop in market value due to FX 

movements on a non-HKD collateral placed by a member). Such request 

will be in the form of a GF call which could be triggered at 8:30 a.m. or 




OTC Clear’s designated bank account 


upon confirmation of the receipt of the payment 

The same as actions required for EOD IM Call. 




(i.e. HKD): 




OTC Clear’s designated bank account 





2:15 p.m. In this case, the Clearing Member may see 2 margin calls at 

the same time on OASIS (one for IM account and one for GF account) 

and both calls have to be settled within 1 hour. Settlement methods for 

such GF call will be the same as routine Intra-day VM calls. 

currencies: 





Voluntary Collateral Deposit 

Clearing Member deposits and maintains excess collateral with OTC 

Clear. 



Clearing Member submits collateral deposit request 

on OASIS, then effect the money transfer via 

RTGS to OTC Clear’s designated bank account. 

Please refer to section 2.2 for further details. 

Voluntary Collateral Withdrawal Clearing Member withdraws excess collateral from OTC Clear. Clearing member submits voluntary withdrawal 

request via on OASIS. 

Please refer to section 2.3 for further details. 

The following fields are the main components for each collateral deposit or withdrawal request: 

Field name 

Descriptions 



Margin Account 

Choose the account for collateral deposits or withdrawals. 

Collateral Type 

Value Date 

Choose the type of Collateral. (Please note only Cash will be supported in Day1) 

The value date of the collateral deposit/withdrawal (date format: MM/DD/YY) 

This field is defaulted to the current day and cannot be changed. 



Currency & Amount 

1. Currency: The currency of the collateral 

2. Amount: In numeric format 

2.1. Search Function for Margin Calls / Collateral Deposit Request / Collateral Withdrawal Request 

2.1.1. Function Description 

To check the status of Margin Calls / Collateral Deposit Request / Collateral Withdrawal request. 

2.1.2. Available Function Time 

7:30 a.m. to 11:00 p.m., every OTC Clear Clearing Day 

2.1.3. How to Use (Step by Step) 

1. On the Main Menu, click MARGIN CALLS. The search panel will appear on the top section of the CONTENT area. 



2. It is recommended for OASIS user to narrow the search result by the utilizing the search attributes. Fields available (i.e. Margin Account / Currency / Value Date 

From and Value Date To) for the search are described in Table 2.2.1. All Margin Calls / Collateral Deposit Requests / Collateral Withdrawal Requests and its 

corresponding status can be located using this search menu. 

Table 2.1.1 - The field description of the search menu: 

Field name 


Descriptions 

List of available accounts 



Value Date From 

Value Date To 

The range of value date of the collateral deposit/withdrawal fall on 

Currency 

The currency of the collateral deposit/withdrawal (e.g. HKD, USD) 



3. If no value is specified for any of the search criteria, all Margin Calls / Collateral Deposit Requests / Collateral Withdrawal Requests in the OTC Clear database 

will be displayed. The result will be displayed in the lower half of the Content section, and can be sorted by the different attributes. The number of entries located 

from the search result is in the area highlighted in green. Here is a sample screen shot: 

1 

2 



Table 2.1.2 – Descriptions of the attributes 

Attribute 

Trade ID 

Type 


Value Date 

Currency 

Amount 

Descriptions 

Reference ID of each Margin Call / Collateral Deposit Request / Collateral Withdrawal Request 

Identify the nature of the entry: 

Margin Call 

Deposit 

Withdrawal 

Demand issued by OTC Clear to the Clearing Member 

Collateral Deposit Request 

Collateral Withdrawal Request 

1) The “Collateral Account” that the collateral deposit/withdrawal requests were made on; or 

2) The “GF Account” that the collateral deposit/withdrawal requests were made on; or 

3) The “Collateral Account” that the Margin Call was made against. 

The value date of the Margin Call / Collateral Deposit Request / Collateral Withdrawal Request 

The currency of the Margin Call / Collateral Deposit Request / Collateral Withdrawal Request 

The notional amount of the Margin Call / Collateral Deposit Request / Collateral Withdrawal Request 

Status The processing status of the entry. For the full list of the processing status, please refer to Table 3.1 in Appendix 3 

Reject Reason 

Quick Action 

The reason for the cancellation/rejection of the request. 

For the full list of the reject reason, please refer to Table 3.2 in Appendix 3 

Actions available for this entry under the current processing status 



2.2. Collateral Deposit Request 

2.2.1. Function Descriptions 

To post collaterals on a voluntary basis to increase the collateral balance. 


7:30 a.m. to 4:00 p.m., every OTC Clear Clearing Day. The request will be cancelled automatically if Clearing Members submit the deposit request outside the 

available function time. 


1. On the Main Menu, click DEPOSITS 



2. To submit new collateral deposit request, click New Voluntary Deposit 



3. Choose the Margin Account from the dropdown list and click Next 

1 

2 



4. Select the type of Collateral for deposit and click Next. (Please noted OTC Clear will only support Collateral Type “Cash” in the initial stage) 

1 

2 



5. The Value Date field will be defaulted to the current day and cannot be changed. Choose the currency from the dropdown list and input the desired amount. 

1 

2 



The Next button will be grey out until an amount with valid format is entered. 



3 

6. Preview the input data and click Finish if the details are correct. Click Back if amendment is required. 



7. The confirmation screen will be displayed. A unique reference ID will be assigned to successful request (i.e. “created transfer Id”). User can close the 

confirmation screen and continue using other functions of OASIS by clicking Close. 

8. The request created will be in “4EYES” status and pending for approval. For the full list of available status, please refer to Table 3.1 in Appendix 3. Prior to 

approval by Checker, the request can be amended by the Maker or cancelled by the Checker. Once the request is approved, amendment and cancellation of the 

request will not be accepted by the system. Please refer to section 2.4 for the amendment process and section 2.5 for the approval process. 



2.3. Collateral Withdrawal Request 


To submit request to OTC Clear for withdrawing excess collaterals. 


7:00 a.m. to 11:00 a.m., every OTC Clear Clearing Day. The request will automatically be cancelled if the request is made outside the available function time. 


1. On the Main Menu, click WITHDRAWALS 



2. To submit new collateral withdrawal request, click Book New Withdrawal 



3. Choose the Margin Account from the dropdown list and click Next 

1 

2 



4. Select the type of Collateral for deposit and click Next. (Please noted OTC Clear will only support Collateral Type “Cash” in the initial 

stage) 

1 



2 

5. The Value Date field will be defaulted to the current day and cannot be changed. Choose the currency from the dropdown list and input the desired amount. 



1 

2 



Only positive integer is accepted for the Amount field. A warning message will be display if invalid format or a negative integer is inputted. 



6. The Next button will be grey out until an amount with the correct format is entered. 

3 



7. Preview the input data and click Finish if the details are correct. Click Back if amendment is required. 



8. The confirmation screen will be displayed. The request will be given a reference ID (i.e. “created transfer Id”). User can close the confirmation screen and 

continue using other functions of OASIS by clicking Close. 

9. The request created will be in “4EYES” status and pending for approval. For the full list of available status, please refer to Table 3.1 in Appendix 3. Prior to 

approval by Checker and within the available function time window, the request can be amended by the Maker or cancelled by the Checker. Once the request is 

approved, amendment and cancellation of the request will not be accepted by the system. Please refer to section 2.4 for the amendment process and section 

2.5 for the approval process. 



2.4. Amendment of Request Prior to Approval 


To amend the detail of the collateral movement request prior to approval and submission to OTC Clear 


Same as the corresponding available function time of collateral deposit / withdrawal request. 


1. On the MAIN MENU, select DEPOSITS or WITHDRAWALS (depending on the request type) 



2. The example used a collateral deposit as an example. Once selected “DEPOSITS”, the screen will show all requests. Those that are pending for approval with 

have status = “4EYES”. 

3. To amend a request, first clicks the word “Quick Actions” under the “Quick Actions” column of the request wishing to amend. 

4. Then select “Amend”, and follow the same steps as if inputting a request. 



Please note if an amendment is applied to a trade with status other than “4EYES”, the following warning message will appear and/or no 

action will be applied to the trade. Subsequently to all amendment, it is recommended for the users to review the status / details of the 

collateral movement request by selecting the “DEPOSITS” or “WITHDRAWALS” tab to retrieve the latest details of the requests. 



2.5. Approval Process of Request 


OASIS Collateral Management Portal employs a maker-checker mechanism. Clearing Member must assign at least two OASIS users, one with maker profile and the 

other with checker profile. All Collateral Deposit Request and Collateral Withdrawal Request will first be created by the maker and approved by the Checker prior to 

sending over to OTC Clear. OTC Clear will only process requests approved by the checker. 


Same as the corresponding available function time of collateral deposit / withdrawal request. 




5. On the MAIN MENU, select APPROVALS TO MAKE 

6. The screen will show all request that are pending for approval (i.e. status = “4EYES”). The “Maker” that created the request is displayed under the “User” column 

and the creation time is under the “Update Time” column. 





7. Select the entry and choose the action in the drop down list and then click Apply 

2 

1 

3 



3. Report Functions 

Clearing Members can view, download and search OTC Clear reports from OASIS for business analysis purpose. 

3.1. Viewing and Downloading Reports 


Clearing Members can retrieve the following types of reports published by OTC Clear on OASIS: 

Trade reports 

Settlement reports 

Margin reports 

Market Data reports 


7:30 a.m. to 11:00 p.m., every OTC Clear Clearing Day. 

Different reports have different publishing time, please refer to the Report Usage Guide for details. 




1. Select REPORT DOWNLOAD from the MAIN MENU 



2. The report will remain available to OASIS users for 12 OTC Clear Clearing Days from the date it is first made available on OASIS. For example, on 15 

Nov, 2012, the earliest available reports are those dated 31 Oct, 2012. 



Descriptions for each column: 

Column 

Select 

Report ID 

Report Name 

Collateral_report_Status 

Format 

Creation Date 

View 

Descriptions 

Check box for Clearing Members to select the reports to be downloaded 

A unique identification number of the report 

Name of the report 

Status of the report generation, by default it is “SENT” 

File format of the report 

(CSV: Comma Separated Values) 

Date and time when the report is generated 

(Format: MM/DD/YY HH:MM:SS AM/PM HKT) 

To view the report online 

Notes: 

• Clearing member can select more reports by clicking 

• More rows of reports can be displayed by selecting the drop-down list next to Row 



• Clearing Member can open the report directly by clicking View, and the File Download pop up window will appear 

1 

2 

1 



3. To download the reports, check the box(es) and click Download Selected. Save the file(s) to the local drive by clicking Save on the pop up window. 

2 

1 

3 



3.2. Searching the Reports 


To search the reports from a particular day or point in time. 


7:30 a.m. to 11:00 p.m., every OTC Clear Clearing Day. Different reports have different publish time, please refer to the Report Usage Guide for details. 


1. Select Report Download on the Main Menu 

2. Select Report Types and Dates to narrow the search results, the search options can be hide by clicking 



Descriptions for each search option: 

Field 

Report Name 

Descriptions 

Date From 

Date To 

Reports available for selection. 

For the full list of reports, please refer to OASIS Report Usage Guide. 

The range of date (in the format of MM/DD/YY) of the report. 

Select the date from calendar by clicking 


PART III – OASIS Margin Simulator 

Part III – OASIS Margin Simulator Portal 

1. Getting Started 

1.1. Logon and Logoff 

1.1.1. Logon 

The logon process is similar to the Collateral Management Portal. The logon URL of the what-if 

margin simulator is https://whatif.otcclearinghk.com/recon-services. 

Here is the logon screen, the User ID and password are the same as that of the Collateral 

Management Portal: 

Successful logon screen: 



First Time Logon 

The logon credentials of OASIS Collateral Management Portal and Margin Simulator are the same. 

OASIS users can only change the password on the Collateral Management Portal. Any change to the 

password will take effect immediately on the Collateral Management Portal but one day later for the 

Margin Simulator. 

Password Expiration 

Please refer to Section 1.1 of Part II. 

Problem Logon 

Please refer to Section 1.1 of Part II. 

2. Interface Operation 

OASIS Margin Simulator Graphical User Interface (“GUI”) allows clearing members to estimate Whatif 

Trade/Portfolio margin requirement and view cleared trades as of the previous business day. 

After logging on to OASIS Margin Simulator, the home page displays the 3 following main functions 

on the Operations panel: 

a) Blotter 

b) What if Trade 

c) What if Portfolio 

The details of each of the above functions are set out in the following sections. 



2.1. Cleared Trade Blotter 

2.1.1. Descriptions 

The trade blotter shows all the cleared trades of the Clearing Member as of the previous end-of-day (EOD). 


1. Select Blotter 

2. Select the account from the Account drop down box for which you wish to view the cleared trades. (Note: this is demo screenshot and in reality each Clearing 

Member can only view its own accounts.) 



3. Once the account selection has been made, the system will load the trade as shown in the illustration below. Each account captures the cleared trades as of at 

the previous EOD. 



Field descriptions for an IRS in the blotter: 

Field 

Descriptions 

Trade Id 

Trade Id assigned by the OTC Clearing System 

External Reference 

MarketWire, DS Match or HKTR-MC trade reference 

Product Description 

Basic information about the trade 

Example: Trade Id 87745 which has the following trade descriptions: 

Swap/03/05/2016/P:USD/LIBOR/3M/R:USD 0.001 

This can be interpreted as follows: 

A Swap trade maturing on 03/05/2016 paying floating rate based on 3 month LIBOR and receiving 0.001 

percent fixed rate. 

Trade Date 

The date the trade become effective 

Settle Date 

The date the settlement of the trade starts 

Entered Date 

The date the trade is received by the OTC Clearing System 

Entered User 

The User who entered the trade 

Bundle Name 

Not Applicable 

Bundle Type 


Quantity 

Trade Unit 

Price 

Fixed Swap Rate 

Book The account in which the cleared trade is. It is the account being chosen in step 2 of 2.1.2. 

Counterparty 

The name of Clearing Member 

Status 

The current trade status in the clearing system. A status of: 

“CLEAR”: cleared by OTC Clear 

“NONE”: what-if trade 

“De-Cleared”: trades that have been de-cleared 

Trader 


Trade Currency 

Contract currency of the Swap 

Settlement Currency 

The currency used to settle the cash flow of the trade 

Nominal 

Notional value of the trade 

Delta_PCT 


Delta_Risky_Prim 


Delta_Risky_Sec 




Similarly, NDF trades are displayed in the same fashion. Each account captures the cleared trades of the Clearing Member as of at the previous EOD. 

Field descriptions for a NDF in the blotter: 

Field 

Trade Id 

External Reference 

Trade Currency 

Nominal 

Product Description 

Descriptions 

Trade Id assigned by the OTC Clearing System 

MarketWire, DS Match or HKTR-MC trade reference 

Contract currency of the Swap 

Notional value of the trade 

Basic information about the trade 

Example: Trade Id 3097 with the following trade descriptions: 

FXNDF/USD/INR/24/08/2011 

Settle Date 

Status 

This can be interpreted as follows: 

A FX NDF trade with a fixing date of 24/08/2011 with primary currency as USD and secondary 

currency INR. 

The date of final settlement of the trade when the trade expires 

The current trade status in the OTC Clearing System. A status of: 

“CLEAR”: trades cleared by OTC Clear 

“NONE”: what-if trade 

“De-Cleared”: trades that have been de-cleared 



2.2. What-if Trade 


To calculate the incremental margin requirement by simulating the addition of a single trade to the existing or a new account. 

2.2.2. IRS What-If Trade – How to Use (Step by Step) 

1. Click What-if Trade in the operations panel. The panel will expand and display the trade templates 3 available to the user. The templates specify the 

currency and direction of the trade(s) for which the incremental margin requirement is to be simulated. 

3 Please see Appendix 2 for the template information 



2. Quick view: hovering over the template name with your mouse to have a quick view on template information. The attributes shown with a yellow star in 

the quick view are fields that can be inputted by users. 



3. Select the appropriate template to simulate margin requirement of the What-if trade. Input relevant information/data in the fields. All fields are 

mandatory. 



4. Select the account in which the new trade will be included (i.e. user’s Clearing Member account) from “accounts” drop down menu 

5. Select “HKEx” from “exchanges” dropdown menu 

6. Select “OFFICIAL” from “environments” drop down menu 

7. Click the launch report icon to request an incremental margin check for the new trade 

Gentle Reminder: 

Please make sure the correct margin date is selected. The margin date should be the previous business day on which the margin report has been 

generated. 



The report will take some time to generate. Once the calculations is completed, the simulation report will be displayed on the function screen. An 

illustration of the margin report is shown below: 

The report shows the differences in margin requirement of the portfolio before and after the new trade is included. The difference is color coded: 

Red: increase in margin requirement after adding this simulated trade 

Green: decrease in margin requirement after adding this simulated trade 



The user can then click the Blotter icon highlighted at the lower left corner of above screenshot to show the trade blotter information. The simulated 

trade is shown on the top of the blotter (see below). 



2.2.3. FX NDF What-If Trade – How to Use (Step by Step) 

1. Click What-if Trade from the operations panel. The panel will expand and display the trade templates 4 available to the current user. The templates 

specify the currency and direction of the trade(s) for which the incremental margin requirement is to be simulated. 

2. Quick view: hovering over the template name with your mouse to have a quick view on template information. The attributes shown with a yellow star in 

the quick view are fields that can be inputted by users. 

4 Please see Appendix 2 for the template information 



3. Select the appropriate NDF template to simulate the incremental margin. Input relevant information/data in the fields. All fields are mandatory. 

4. Select the account which the new trade will be included from “accounts” drop down menu 

5. Select “HKEx” from “exchanges” dropdown menu 

6. Select “OFFICIAL” from “environments” drop down menu 

7. Click the launch report icon to request an incremental margin check for the new trade 



Gentle Reminder: 

When using margin simulator, please make sure that the correct margin date is selected. The margin date should be the previous business day on 

which the margin report has been generated. 

The report will take some time to generate. Once the calculations is completed, the simulation report will be displayed on the function screen. As is the 

case with IRS What-If Trade, the report shows the differences in margin requirement of the portfolio before and after the new trade is included. The 

difference is color coded: 

Red: increase in margin requirement after adding this simulated trade 

Green: decrease in margin requirement after adding this simulated trade. 

The user can then click the Blotter to view the trade blotter information. 



2.3. What-If Portfolio 


Compared with What-If trade which allows user to upload trade manually one by one, What-If portfolio function allows the user to calculate the incremental margin 

requirement by adding more than one trade into an existing or a new portfolio in one go. 

To use this functionality a CSV file containing trade details and in specific format must be used. The following steps show the procedures to upload the file. 

For the detailed file template and specifications to generate a CSV file for your portfolio, please refer to Appendix 1. 

2.3.2. IRS What-If Portfolio – How to Use (Step by Step) 

1. Open a CSV file provided by OTC Clear to create a customized portfolio of trades 

When creating a CSV file for what-if portfolio, user can use the template provided by OTC Clear. The template already includes some sample trades for 

user’s reference. 



2. Select the What-if Portfolio function on the Operations panel and import the CSV file by clicking the Browse button 



3. Trades uploaded from the CSV file will be displayed on GUI. Select the account for which you would like to simulate the incremental margin from 

“accounts”, select “HKEx” for “exchanges” and “official” for “environments” and then click launch report. The analysis will take a few minutes to process. 

A summary report will be populated on the What-If Margin screen. You can also view the old/new trades in the portfolio using the Blotter option. 



2.3.3. FX NDF What-If Portfolio – How to Use (Step by Step) 

1. Open a CSV file provided by OTC Clear to create a customised portfolio of trades 

When creating a CSV file for what-if portfolio, user can use the template provided by OTC Clear. The template already includes some sample trades for 

user’s reference. 

2. Select the What-if Portfolio function on the Operations panel and import the CSV file by clicking the Browse button 



3. Trades uploaded from the CSV file will be displayed on GUI. Select the account for which you would like to simulate the incremental margin from 

“accounts”, select “HKEx” for “exchanges” and “official” for “environments” and then click launch report. The analysis will take a few minutes to process. 

A summary report will be populated on the What-If Margin screen. You can also view the old/new trades in the portfolio using the Blotter option. 



4. The view of the old/new trades in the portfolio using the Blotter option: 


PART IV – Appendix 


Appendix 1 — Sample CSV file for what-If Portfolio Upload 

Provided by OTC Clear separately. 

You may contact OTC Clear - OTCClear_OASIS@hkex.com.hk to obtain the file. 



Appendix 2 — Default Trade Template of What-If Trade 

Below are the detailed data formats of IRS and NDF What-If Trade templates. When using the “what-if 

trade” function, user can make reference to the table below to input the appropriate value/strings. 

Note: 

1. All fields below MUST be entered by the user 

2. Supported rate index may be subject to further change 

USD/EUR/HKD/CNH IRS Trade Template (Applicable to both Payfixed and Recfixed) 

General Terms 

Fields Format/Example Supported Value 

Start Date DD-MMM-YYYY (User must define) - 

End Date DD-MMM-YYYY (User must define) - 

Business Day Convention / Day 

Roll 

MOD_FOLLOW 

Notional XXXXXXXXXXX (User must define) - 

Fixed Leg Terms 

Fixed Rate (%) XXXXXXXXXXX (User must define) - 

MOD_FOLLOW 

FOLLOWING 

PRECEDING 

MOD_PRECED 

Fixed Rate Day Count ACT/360 ACT/360 

ACT/365 

30/365 

30/360 

Fixed Rate Coupon Frq SA MTH 

QTR 

SA 

PA 

Floating Rate Terms 

Floating Rate Index USD#LIBOR#1M# BBA USD: 

USD#LIBOR#1M# BBA 



USD#LIBOR#12M#BBA 

EUR: 

EUR#EURIBOR#1M# Reuters 




CNH: 

CNY#SHIBOR#1M# Reuters 




HKD: 

HKD#HIBOR#1M#HKAB 




Floating Rate Day Count ACT/360 ACT/360 

ACT/365 

30/365 

30/360 

Floating Rate Coupon Frq QTR MTH 

QTR 

SA 

PA 

Stub Period Rule NONE NONE 



Floating Rate Index Spread (Bp) 0 - 

SHORT FIRST 

LONG FIRST 

SHORT LAST 

LONG LAST 

CNY NDIRS Trade Template 

General Terms 




Business Day Convention MOD_FOLLOW MOD_FOLLOW 

FOLLOWING 

PRECEDING 

MOD_PRECED 


Fixed Leg Terms 

Fixed Rate (%) XXXXXXXXXXX (User must define) - 

Fixed Rate Day Count ACT/365 ACT/360 

ACT/365 

30/365 

30/360 

Fixed Rate Coupon Frequency SA MTH 

QTR 

SA 

PA 

Floating Rate Terms 

Floating Rate Index CNY#CNREPOFIX=CFXS#1W#Reuters CNY#CNREPOFIX=CFXS#1W#Reuters 


ACT/365 

30/365 

30/360 

Floating Rate Coupon 

Frequency 

QTR 

MTH 

QTR 

SA 

PA 


SHORT FIRST 

LONG FIRST 

SHORT LAST 

LONG LAST 

Floating Rate Index Spread 

(Bp) 

0 - 

USD/EUR Basis Swap Trade Template 

General Terms 




Business Day Convention 

MOD_FOLLOW 


Pay Leg Terms 

Floating Rate Index EUR#EURIBOR#6M# Reuters USD: 





EUR: 






ACT/365 

30/365 

30/360 


Frequency 

QTR 



MTH 

QTR 

SA 

PA 


SHORT FIRST 

LONG FIRST 

SHORT LAST 

LONG LAST 


(Bp) 

Receiving Leg Terms 

0 - 

Floating Rate Index EUR#EURIBOR#3M# Reuters USD: 





EUR: 






ACT/365 

30/365 

30/360 


Frequency 

QTR 

MTH 

QTR 

SA 

PA 


SHORT FIRST 

LONG FIRST 

SHORT LAST 

LONG LAST 


(Bp) 

0 - 

FX NDF Trade Template 

General Terms 


Trade Date DD-MMM-YYYY (User must define) - 

Notional (buy currency) XXXXXXXXXXX (User must define) - 

FX Forward Rate XXXXXXXXXXX (e.g., 7.0) - 

FX Reset USD#CNY#CNY01 USD/CNY: USD#CNY#CNY01 

USD/KRW: USD#KRW#KRW02 

USD/TWD: USD#TWD#TWD03 

USD/INR: USD#INR#INR01 

Reset Date DD-MMM-YYYY (User must define) - 

Settlement Date DD-MMM-YYYY (User must define) - 



Appendix 3 — Full List of Collateral Movement Request Status & Reject Messages 

Table 3.1 – Full list of available status 

Status 

Description 

Margin Call 

VERIFIED 

Margin Call Issued 

PENDING 

Margin Call pending settlement 

CANCELLED 

CHECK_SDI_REC 

Margin Call cancelled 

Error occurred while margin call is triggered due to missing static setup 

Collateral Deposit Request 

VERIFIED 

4EYES 

Collateral Deposit Request is received by OTC Clear 

Maker submitted the Collateral Deposit Request; pending the approval from Checker 

before sending to OCT Clear. 

HELD 

The Collateral Deposit Request is under processing by OTC Clear 

CANCELLED 

CHECK_SDI_REC 

The Collateral Deposit Request is cancelled or Rejected by OTC Clear 

Error occurred while Collateral Deposit Request is processed due to missing static 

setup 

Collateral Withdrawal Request 

4EYES 

Maker submitted the Collateral Withdrawal Request; pending the approval from 

Checker before sending to OCT Clear. 

HELD 

The Collateral Withdrawal Request is under processing by OTC Clear 

CANCELLED 

The Collateral Withdrawal Request is cancelled or Rejected by OTC Clear 

PRE_CCP_APPROVAL 

Collateral Withdrawal Request is sent to OTC Clear 

CCP APPROVAL / CCP 

4EYES/Verified 

The Collateral Withdrawal Request is under processing by OTC Clear 

TO_REJECT 

The Collateral Withdrawal Request will be rejected by OTC Clear 

Table 3.2 – Full list of Reject Message 

Reject Reason 

Description 

Auto Cancel 

The request was cancelled by the system as Checker has not approved the request 

prior to the close of the withdrawal/deposit window 

Outside Business Hours 

Request was made outside of the withdrawal/deposit window 

September 2013 

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Appendix 4 — Additional Features to settle margin call in non-base currency 

Currently, OTC Clear will automatically issue the margin call (EOD Initial 

Margin (“IM”) call and intra-day margin call) in base currency (HKD). The 

following procedure is to facilitate and provide guidance on settling 

margin call in both base and non-base currencies (in normal days or 

currency holidays): 

1. EOD IM Call at 8:30 a.m. HK Local Time 

Case 1: Settle in base currency (HKD) 

Member can refer to “WEB ERSCollateral report” (generated on End of prior day) to retrieve 

the (indicative) IM call amount in base currency (if any) in advance. On next day morning 

member will see the actual call information shown in OASIS and use RTGS to settle HKD. 

Case 2: Settle in non-base currency 

In this case, member has to determine minimum amount of settling margin call in non-base 

currency: 

Step 1 - Member opens “WEB ERSCollateal report” and check aggregated collateral in HKD 

and Initial Margin (published on end of prior business day) 

Step 2 – Member uses the FX rates (member is advised to settle margin call in USD as “7.75” 

– the lower bound of USD/HKD FX rate can be used as a conversion rate. Other FX rates (e.g., 

EURHKD, CNHHKD) can be provided by OTC Clear via email upon request from members) 

and check “WEB IM Collateral report” (published on 1 st portfolio novation cycle – i.e. roughly 

8:30 a.m. HK local time) for haircuts information. 

Step 3 - Member uses the following formula to manually calculate equivalent call amount 

(Here we use USD as an example) 

[(Initial margin - Aggregated Collateral in HKD) / USD FX rate] / (1 – USD haircut) 

The minimum margin call amount (to be settled) in USD equivalent will be: 


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[(1,188,186.28 – 19.6) / 7.75] / (1- 0.5%) = 1,194,137.37 (USD) 

Step 4 - Go to ‘MARGIN CALLS’ menu of OASIS 

Step 5 - Click ‘Quick Actions’ button, 

Step 6 - ‘New Mandatory Deposit’ function will pop out and click it 


Step 7 - Select ‘Cash’ and click ‘Next’ button 

Step 8 - Select the relevant currency as what you determine in Step 3 


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Step 9 - Input the particular amount as what you determined in Step 3 and click 

‘Next’ button 

Step 10 - Click ‘Finish’ button and then perform 4 eyes check once you got the 

below message. 

Step 11 - Perform 4 eyes check once you got the below message. 


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Step 12 – Member uses RTGS to settle the converted amount calculated in step 3. 

2. Intra-day margin call at 2:15 p.m. HK Local Time 

Case 1: Settle in base currency (HKD) 

Step 1 - Member opens “WEB ERSCollateral report” (the one published on 1:30 p.m. HK local 

time) to check “Available collateral” and “Used”. 

Or alternatively, they can wait for monitoring the intraday call information in OASIS (if any) 

to be published on 2:15pm. 

Step 2 – Settle via RTGS for the amount shown in above before 3:15pm. 

Case 2: Settle in non-base currencies 

Member should follow the procedure below to calculate equivalent call amount (Here we 

use USD as an example). 

Step 1 - Member opens “WEB ERSCollateral report” (the one published on 1:30 p.m. HK local 

time) to check “Available collateral” and “used”. 

Or alternatively, they can wait for monitoring the intraday call information in OASIS (if any) 

to be published on 2:15pm. 


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Step 2: Member goes to HKEx website to obtain the haircut ratio information. Alternatively, 

if member’s collateral pool contains all types of collateral then member can refer to “WEB 

IM Collateral” report to obtain such information. 

Step 3: Similar to step 3 in the case of EOD IM Call, member uses the following formula to 

manually calculate equivalent call amount (Here we use USD as an example) 

[(Initial margin - Aggregated Collateral in HKD) / USD FX rate] / (1 – USD haircut) 

The minimum margin call amount (to be settled) in USD equivalent will be: 

[(1,262,650.02 – 19.6) / 7.75] /(1-6%)] = 173,319.21 (USD) 

Step 4 - Go to ‘MARGIN CALLS’ menu of OASIS 

Step 5 - Click ‘Quick Actions’ button, 

Step 6 - ‘New Mandatory Deposit’ function will pop out and click it 

Step 7 - Select ‘Cash’ and click ‘Next’ button 


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Step 8 - Select the relevant currency as what you determine in Step 3 

Step 9 - Input the particular amount from your calculation in Step 3 and click 

‘Next’ button 


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Step 10 - Click ‘Finish’ button and then perform 4 eyes check once you got the 

below message. 

Step 11 - Perform 4 eyes check once you got the below message. 

Step 12 – Member uses RTGS to settle the converted amount calculated in 

step 3. 


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