US Dollar CHATS
Unlike HKD CHATS, the clearing house for US dollar (USD) CHATS is a commercial bank, Hongkong and Shanghai Banking Corporation (HSBC). In addition to obtaining intraday repos for payment settlement, participating banks may also obtain intraday liquidity via an overdraft facility provided by HSBC. Banks in Hong Kong are not required to participate in USD CHATS; they may choose to join as Direct Participants or Indirect Participants. Direct Participants maintain USD settlement accounts with HSBC for payment transactions in CHATS. Indirect Participants must conduct their payment transactions through Direct Participants. Additionally, a membership category called Indirect CHATS Users exists where its banks also conduct their payment transactions through Direct Participants. The volume of transactions in USD CHATS in 2007, in raw number of transactions, totaled at 2,121,058. The total value of all transactions conducted in the same year was about USD 2,127 billion. As of 25 August 2008, USD CHATS has 76 Direct Participant member banks, 18 Indirect Participant member banks, and 134 Indirect CHATS User member banks.
Read more about this topic: Clearing House Automated Transfer System
Famous quotes containing the words dollar and/or chats:
“Any gentleman with the slightest chic will give a girl a fifty dollar bill for the powder room.”
—George Axelrod (1922)
“Expecting me to grovel,
she carefully covers both feet
with the hem of her skirt.
She pretends to hide
a coming smile
and won’t look straight at me.
When I talk to her,
she chats with her friend
in cross tones.
Even this slim girl’s rising anger
delights me,
let alone her deep love.”
—Amaru (c. seventh century A.D.)