(19)To operate as a CCP in Hong Kong, an entity is required to be designated either as a RCH or recognised as a provider of ‘Automated Trading Services’ (‘ATS’) under the SFO. ATS are defined as entities providing, by means of electronic facilities, services to trade or clear securities or futures contracts. In March 2014, the Hong Kong Legislative Council passed an Amendment Ordinance to expand the scope of the ATS definition to include OTC derivatives as well.