In a move to streamline post-trade flows in Hong Kong, stock exchange HKEX has announced the launch of "Synapse," a novel equities settlement acceleration platform utilizing smart contracts.
Hong Kong Stock Exchange Launches Smart Contract Settlement Platform
In a move to streamline post-trade flows in Hong Kong, stock exchange HKEX has announced the launch of "Synapse," a novel equities settlement acceleration platform utilizing smart contracts.
Synapse will be used on Stock Connect to provide international investors with access to over 1,000 mainland Chinese stocks. By connecting to Hong Kong's depository via its trade processing service, the platform improves workflows by automatically creating settlement instructions using smart contracts written in the DAML programming language.
As the city positions itself as a Web3 hub, Hong Kong will be a pioneer in optimizing equities settlement using blockchain, despite the fact that the largest crypto scam in local history is currently under investigation. Despite issuing a warning, arresting parties involved with the exchange and seeking Interpol’s help, the JPEX scandal has yet to be concluded, with over $166 million allegedly embezzled from JPEX exchange customers so far.
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