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In a strategic move to improve its trading infrastructure, the Hong Kong Stock Exchange (HKEX) has introduced Synapse, a blockchain-integrated upgrade to its Stock Connect system.
<h2 id="hong-kong-stock-exchange-improves-settlement-efficiency-with-blockchain-powered-synapse">Hong Kong Stock Exchange Improves Settlement Efficiency with Blockchain-Powered Synapse</h2>
The Stock Connect system plays a vital role in promoting cross-border trading by connecting the stock exchanges of Hong Kong and mainland China.
The implementation of blockchain technology through Synapse is set to revolutionize post-transaction workflows by leveraging smart contracts.
This innovative approach is expected to significantly reduce settlement risks by streamlining the entire process.
One of Synapse's greatest strengths lies in its ability to simultaneously generate reconciliation instructions for all relevant parties in the reconciliation chain.
This parallel processing capability is crucial for connecting traders across different markets. It also provides traders with real-time visibility into the progress of their trades by providing quick status updates.
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The Stock Connect system witnessed a significant increase in its average daily turnover in the first half of 2023, reaching $15.302 billion (RMB 109.3 billion).
This marked a 5 percent increase on the previous year and an impressive 50 percent increase from 2020 levels, underlining its growing importance in the world of finance.
Meanwhile, on the global front, the Australian Securities Exchange (ASX) has received recommendations to adopt blockchain technology to replace its current consensus system, CHESS.
This forward-looking move reflects a broader trend in the financial industry to integrate blockchain for greater efficiency and security in trading transactions.
*This is not investment advice.
 Continue Reading: <a rel="noopener noreferrer nofollow" href="https://en.bitcoinsistemi.com/hong-kong-stock-exchange-transitioned-to-blockchain-supported-system-with-a-strategic-move/">Hong Kong Stock Exchange Transitioned to Blockchain Supported System with a Strategic Move!</a>

Hong Kong Stock Exchange Transitioned to Blockchain Supported System with a Strategic Move!

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