Hong Kong RTGS Taps Swift for Market Infrastructure Resiliency Services

Hong Kong Interbank Clearing Limited (HKICL), the clearing and settlement house for the Hong Kong financial market, has agreed to adopt the Market Infrastructure Resiliency Service (MIRS) run by Swift to reduce operational risks and improve the resiliency of the Hong Kong’s Real-Time Gross Settlement (RTGS) system.
Swift has worked with a group of seven central banks to design the shared RTGS system back-up service that uses Swift technical platforms, storage facilities, and messaging formats to continuously capture transaction balances. It also provides a clear view of the settlement position at the point of failure of the primary and secondary sites.
The new MIRS business-continuity service is expected to go live at the end of 2016.
"The RTGS systems have been working smoothly in the past, but there is no room for complacency," says Esmond Lee, executive director of the Hong Kong Monetary Authority. "We must stay vigilant in ensuring that our current financial infrastructure would continue to support the banking and financial sectors in Hong Kong even in extreme scenarios. I am confident that MIRS will add to its strengths."
Swift has been providing Hong Kong's Clearing House Automated Transfer System with a financial messaging platform since 2009.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Operations
Waters Wavelength
Waters Wavelength Podcast: Episode 224
Wei-Shen and Tony are trying a different format this year with the podcast, and they start by discussing mental health and ways to help and support coworkers and friends.
Subscribe to Weekly Wrap emails