HKEX To Launch Smart Contract Settlement Platform
Hong Kong Exchanges and Clearing Limited (HKEX) is launching Synapse, a smart contract upgrade to its Connect system, aiming to improve market efficiency and transparency. The upgrade will enable simultaneous settlement instructions for all parties in the settlement chain, providing instant updates to traders. The new settlement accelerator is set to launch on October 9.
“This technology-empowered platform will not only improve post-trade efficiencies but will, over time, build a better, stronger ecosystem, supporting both market growth and investor growth strategies,” said Glenda So, the group head of emerging business and FIC, in a press release.
HKEX’s upgrade comes amid increased institutional interest in blockchain technology, following Citigroup’s launch of Citi Token Services, a blockchain-based cross-border payments solution for institutional clients.
(With inputs from Shikha Singh)
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