Hong Kong Exchanges and Clearing launches DAML-based settlement platform

Quick Take

  • Hong Kong Exchanges and Clearing Limited is launching a DAML-based settlement platform called HKEX Synapse.
  • It aims to create more efficient post-trade workflows with added transparency and efficiency. 

Hong Kong Exchanges and Clearing Limited, a publicly traded market operator, is launching a blockchain-based settlement platform.

HKEX Synapse aims to boost operational efficiencies, lower settlement risks and bolster transparency by using smart contracts to augment post-trade workflows. It's part of a market access program connecting markets in Hong Kong and mainland China called Stock Connect.

HKEX Synapse will launch on Oct. 9, according to a release

“We are delighted to launch HKEX Synapse, a major enhancement to our Stock Connect infrastructure that will support the next phase of growth for international participation in Mainland China’s equity markets," Glenda So, HKEX Group Head of Emerging Business and FIC, said in a statement.


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Post-trade efficiencies

"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," So continued.

HKEX Synapse uses the open-source smart contract language DAML, which can synchronize data across blockchains and centralized databases.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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