Synapse Platform Streamlines Equities Settlements
Hong Kong Exchanges and Clearing Limited (HKEX) has unveiled a groundbreaking equities settlement acceleration platform called "Synapse." The platform utilizes smart contracts in the DAML programming language to simplify post-trade processes and improve operational efficiencies, according to an announcement on October 4.
Stock Connect to Accommodate Synapse
Synapse will be integrated into Stock Connect, an HKEX channel that allows international investors to trade over 1,000 Mainland Chinese stocks via Hong Kong. Developers noted that the average daily turnover on Northbound Stock Connect reached RMB109.3 billion in the first half of 2023, a 5% increase compared to the previous year and a 50% surge from 2020 levels.
Enhanced Trade Confirmation Workflow
Synapse's integration with Hong Kong's Depository Trust & Clearing Corporation (DTCC) through its Institutional Trade Processing (ITP) service will facilitate the central matching of cross-border transactions. This centralization enables automatic generation and transmission of settlement instructions back to the Synapse platform, ultimately streamlining the trade confirmation process.
Hong Kong's Transition to Web3 Hub
Hong Kong has been rapidly establishing itself as a hub for Web3 companies, supported by the recent introduction of retail trading for licensed cryptocurrency exchanges in August. However, this transformation has not been without setbacks, as the city recently faced the largest Ponzi scheme in its history. The JPEX crypto exchange embezzled an estimated $166 million of users' funds, with an ongoing investigation to uncover the extent of the fraud.
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