Participants

Participants

There are two types of eligible participants in FPS

Settlement participant (SP)

• is a licensed bank in Hong Kong under the Banking Ordinance (Cap. 155 of the Laws of Hong Kong) which also participates in the Clearing House Automated Transfer System (CHATS) of the relevant currency in Hong Kong

• maintains a settlement account in FPS with access to all FPS services

Clearing participant (CP)

• is a stored value facility (SVF) licensed by the Monetary Authority under the Payment Systems and Stored Value Facilities Ordinance (PSSVFO)

• has access to all FPS services and engages a Settlement Participant for settling funds in FPS