Hong Kong Exchanges and Clearing Limited (HKEX) introduced on October 4 a novel platform referred to as “Synapse.” Designed to streamline post-trade processes, this platform will deploy good contracts within the DAML programming language. The predominant objective of Synapse is to reinforce operational efficiencies within the bustling world of equities settlement.
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HKEX Partners with DTCC for Synapse
Synapse is ready to search out its place in Stock Connect, an avenue created by HKEX. This channel serves worldwide buyers by giving them entry to over 1,000 Mainland Chinese shares through Hong Kong. Moreover, it’s price noting that the typical each day turnover of Northbound Stock Connect rose by 5% within the first half of 2023. Significantly, this marks a 50% enhance from 2020 ranges, showcasing the rising traction of Stock Connect.
Additionally, HKEX has forged a new link with Hong Kong’s Depository Trust & Clearing Corporation (DTCC). This connection involves life by the Institutional Trade Processing (ITP) service. Hence, central matching of cross-border transactions turns into a actuality. The system robotically generates settlement directions. The Synapse platform then receives these, refining the commerce affirmation workflow.
JPEX Scandal Questions Web3 Domain Safety
However, there’s extra to Hong Kong’s digital transformation, below the discreet approval of China’s central administration, Hong Kong is carving a distinct segment within the Web3 area. Recent occasions embrace the inexperienced mild for retail buying and selling on licensed crypto exchanges in August. Yet, not all developments have been constructive because the metropolis witnessed its largest Ponzi scheme, involving the JPEX crypto trade. An alarming $166 million of consumer funds have been reportedly embezzled, and investigations proceed.
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