{"id":168490,"date":"2023-10-05T04:18:35","date_gmt":"2023-10-04T22:48:35","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=168490"},"modified":"2023-10-05T04:18:35","modified_gmt":"2023-10-04T22:48:35","slug":"hkex-introduces-synapse-for-enhanced-equities-settlement-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/hkex-introduces-synapse-for-enhanced-equities-settlement-crypto-news\/","title":{"rendered":"HKEX Introduces Synapse for Enhanced Equities Settlement – Crypto News"},"content":{"rendered":"

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Hong Kong Exchanges and Clearing Limited (HKEX) announced on October 4 a novel platform called \u201cSynapse.\u201d 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.<\/span><\/p>\n

Read Also:<\/b> CMCC Global Raises $100 Million for Crypto Fund in Hong Kong<\/span><\/a><\/p>\n

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HKEX Partners with DTCC for Synapse<\/strong><\/h2>\n

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\u2019s 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.<\/span><\/p>\n

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Additionally, HKEX has <\/span>forged a new link<\/span><\/a> with Hong Kong\u2019s 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. <\/span>The system automatically generates settlement instructions. The Synapse platform then receives these, refining the trade confirmation workflow.<\/span><\/p>\n

JPEX Scandal Questions Web3 Domain Safety<\/strong><\/h2>\n

However, there\u2019s more to Hong Kong\u2019s digital transformation, under the discreet approval of China\u2019s 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<\/span> largest Ponzi scheme<\/span><\/a>, involving the JPEX crypto exchange. An alarming $166 million of user funds have been reportedly embezzled, and investigations continue.<\/span><\/p>\n

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Read Also:<\/b> Crypto Winter Fails to Freeze Hong Kong\u2019s OTC Market, Chainalysis Says<\/span><\/a><\/p>\n

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Hong Kong Exchanges and Clearing Limited (HKEX) announced on October 4 a novel platform called \u201cSynapse.\u201d 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 […]<\/p>\n","protected":false},"author":2,"featured_media":154941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-168490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=168490"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168490\/revisions"}],"predecessor-version":[{"id":168492,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168490\/revisions\/168492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154941"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=168490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=168490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=168490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}