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YKOFX | Clearing

Clearing and Settlement Models

In order to enhance efficiency, YKOFX has vigorously applied the principle of straight-through processing (STP), thus restructuring and automating the existing procedures based on international frameworks. YKOFX offers one of Asia’s most efficient forms of securities processing.

The clearing and settlement model enables:

  • Full automation via STP of all stages involved in the placement of an order on YKOFX’s settlement infrastructure
  • Multi-currency compatibility
  • Selection of national and international clearing and settlement partners

YKOFX Clearing platform was developed from the outset as a fully integrated trading platform.

Being determined as locked-in trades in the system, the platform incorporates direct links to the settlement infrastructure, thereby eliminating requirements for dual entry in multiple environments.

Executing a stock exchange transaction leads to a fully automated settlement instruction

  • For eligible products to the relevant central counterparty (CCP)
  • For other products directly to the central securities depository (CSD)


Exchange Trading

YKOFX is able to offer a fully integrated trading platform which has direct links into the clearing and settlement infrastructure in the form of locked-in trades.

After trade execution, fully automated settlement instructions are forwarded to the pertinent central counterparty (CCP) or directly to the central depository (CD).

Straight-through processing (STP) is optimized by the use of routing information entered by YKOFX and various service partners.

YKOFX’s information which is transmitted together with the settlement data helps participants transfer transactions to their back-office platforms.


Clearing Code of Conduct

Clearing houses and central securities depositories defined a Code of Conduct for Clearing and Settlement instead of proposing a directive.

The Clearing Code of Conduct is designed to establish a strong capital market enabling investors to trade within a consistent, systematic and efficient environment. Moreover, the Code of Conduct offers market participants the freedom to choose their preferred service provider.

The Code of Conduct comprises three main elements:

  • Price transparency
  • Access and advanced technology
  • Unbundling and accounting separation