HKEX Introduces Synapse for Enhanced Equities Settlement
Hong Kong Exchanges and Clearing Limited (HKEX) announced on October 4 a novel platform called “Synapse.” Designed to streamline post-trade processes, this platform will deploy smart contracts in the DAML programming language. The main goal of Synapse is to enhance operational efficiencies in the bustling world of equities settlement.
Read Also: CMCC Global Raises $100 Million for Crypto Fund in Hong Kong
HKEX Partners with DTCC for Synapse
Synapse is set to find its place in Stock Connect, an avenue created by HKEX. This channel serves international investors by giving them access to over 1,000 Mainland Chinese stocks via Hong Kong. Moreover, it’s worth noting that the average daily turnover of Northbound Stock Connect rose by 5% in the first half of 2023. Significantly, this marks a 50% increase from 2020 levels, showcasing the growing traction of Stock Connect.
Additionally, HKEX has forged a new link with Hong Kong’s Depository Trust & Clearing Corporation (DTCC). This connection comes to life through the Institutional Trade Processing (ITP) service. Hence, central matching of cross-border transactions becomes a reality. The system automatically generates settlement instructions. The Synapse platform then receives these, refining the trade confirmation workflow.
JPEX Scandal Questions Web3 Domain Safety
However, there’s more to Hong Kong’s digital transformation, under the discreet approval of China’s central administration, Hong Kong is carving a niche in the Web3 domain. Recent events include the green light for retail trading on licensed crypto exchanges in August. Yet, not all developments have been positive since the city witnessed its largest Ponzi scheme, involving the JPEX crypto exchange. An alarming $166 million of user funds have been reportedly embezzled, and investigations continue.
Read Also: Crypto Winter Fails to Freeze Hong Kong’s OTC Market, Chainalysis Says
- Bitwise CIO Calls Crypto Crash a ‘Blip’ as Market Bounces Back With $338M ETF Inflows
- XRP News: Ripple Strikes Deal with Absa, Expanding Custody Footprint To Africa
- Nasdaq-Listed Webus Adopts XRP in New Tokenized Reward Platform, Eyes $20B Loyalty Market
- Powell Speech Highlights: Crypto Market Upbeat on Fed Rate Cuts, Ending QT, Weak Jobs Markets
- BREAKING: CoinShares XRP ETF (XRPL) Files with US SEC for Nasdaq Listing
- Sui Price Targets $9.5 as Figure Brings SEC-Approved Yield Token YLDS to Sui
- Chainlink Price Eyes $100 as S&P Global Partnership Expands Institutional Adoption
- Solana Price Prediction as Whales Withdraw $169M from Exchanges
- Pro Says Ethereum Price is a Buy Despite Rising Liquidations and BlackRock Selling
- XRP Price Prediction as Whales Dump 2.23B Tokens — Is $2 the Next Stop?
- Trader Sees a Dogecoin Price Surge as House of Doge Sets for a NASDAQ Listing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
