Hong Kong Stock Exchange Launches Settlement Platform Powered by Smart Contracts
The Hong Kong Exchange & Trading Limited (HKEX), operator of the Hong Kong Stock Exchange, Hong Kong Futures Exchange and London Metals Exchange, is launching a new stock dividend acceleration platform. Dubbed “Synapse,” the platform uses the DML programming language to streamline post-business flows and improve operational efficiency, according to an Oct. 4 announcement.
Synapse deploys on the HKEX channel, which provides access to more than 1,000 Mainland Chinese stocks through Hong Kong routing. “Northbond Stock Connection's average daily revenue in the first half of 2023 was RMB 109.3 billion, up 5 percent from a year ago, and up 50 percent from 2020 levels,” the developers wrote.
HKEX connects with the Hong Kong Depository Trust and Clearing Corporation (DTCC) through an Institutional Trade Processing (ITP) service, which enables the central matching of cross-border transactions. Settlement instructions are then automatically generated and sent to the Synapse platform, thereby enhancing the business proofing workflow.
Hong Kong, a hub for Web3 companies, is rapidly changing as Hong Kong, under China's central government security node, launched retail trade for licensed crypto exchanges in August. However, the largest Ponzi scheme in Hong Kong history also took place during this period, with an estimated $166 million of user funds stolen from the JPEX crypto exchange. The investigation is ongoing.
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