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News Feed - 2023-10-05 03:10:00

Zhiyuan Sun5 hours agoHong Kong Stock Exchange launches settlement platform powered by smart contractsDubbed “Synapse,” the platform will accelerate trades placed by international investors for Mainland Chinese stocks.824 Total views21 Total sharesListen to article 0:00NewsJoin us on social networksHong Kong Exchanges and Clearing Limited (HKEX) — the operator of The Stock Exchange of Hong Kong, Hong Kong Futures Exchange, and London Metal Exchange — is launching a novel equities settlement acceleration platform. Dubbed “Synapse,” the platform will utilize smart contracts in the DAML programming language to streamline post-trade flows and enhance operational efficiencies, according to the Oct. 4 announcement. 


Synapse will be deployed on Stock Connect, an HKEX channel that enables international investors to access more than 1,000 mainland Chinese stocks through routing in Hong Kong. “Average daily turnover of Northbound Stock Connect totalled RMB109.3 billion in the first half of 2023, up 5 per cent from a year earlier, and a 50 per cent increase from 2020 levels," HKEX wrote.


HKEX will be linked to Hong Kong’s Depository Trust and Clearing Corporation through its Institutional Trade Processing service, allowing for the central matching of cross-border transactions. Settlement instructions are then automatically generated and sent back to the Synapse platform, thus enhancing the trade confirmation workflow.


Under the silent nod of China"s central government, Hong Kong has been rapidly transforming itself as a hub for Web3 firms, with the launch of retail trading for licensed crypto exchanges in August. However, the largest Ponzi scheme in Hong Kong’s history also occurred during this time, with an estimated $166 million worth of users’ fundsembezzled by the JPEX crypto exchange. The investigation is ongoing. 


Magazine: China dev fined 3 yrs’ salary for VPN use, 10M e-CNY airdrop# Blockchain# Cryptocurrencies# Hong Kong# BusinessAdd reactionAdd reactionRead moreHow to send and receive payments on the Lightning NetworkHow the actor model could enable better blockchain gaming appsCrypto VC: Token investing and the next bull run with Digital Wave Finance

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