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香港交易所将于2022年推出DAML股票结算平台

2020-11-24 19:33

 

香港交易及结算所(HKEX)今日宣布,计划推出一个新的交易后结算平台HKEX Synapse,该平台将利用Digital Asset的DAML智能合约语言。该系统还将与DTCC的ITP平台集成。Synapse将于2021年试运行,并于2022年一季度投入生产。


wasHKE没有提到使用区块链或分布式账本技术(DLT)的解决方案,而且DAML可以与数据库以及大量的dll一起工作。港交所还表示,它将是一个集中解决方案。我们已经询问了港交所,并将更新他们的答复。


港交所Synapse将被用于其“北上股票通”(Northbound Stock Connect)系统,该系统将成为国际投资者交易中国内地股票的门户。2020年前三季度的日均交易额为900亿元人民币(合137亿美元),是2019年同期的两倍多。新的解决方案有望进一步促进经济增长。


不过,内地的结算时间为4小时,而港交所为2天。对于国际投资者来说,结算总是在半夜进行,需要自动化。到目前为止,个别公司已经开发了定制的解决方案,通常是手动步骤来解决这些问题。


但是考虑到当前大多数平台都依赖于api,流程中的每一步都是连续的,从一方移动到另一方。我们说的是经纪人、当地托管人、全球托管人、资产管理公司和结算提供商。HKEX Synapse提供了一个单一的真相来源,这意味着这些过程可以并行发生。结算指示同时提供,所有各方的状态更新,提高透明度。


除了将DAML用于自动化之外,该解决方案还将集成DTCC的机构贸易处理(ITP)服务。ITP的一个关键优势是有6000多名客户在使用它,这使更多的参与者更容易进入北行股票联通。


港交所首席执行官李小加表示:“Synapse是我们最新的沪港通创新,当全球投资者通过北上沪港通进行交易时,他们将获得重大利益。”“采用新技术进一步发展我们的市场是我们战略的基石。”


数字资产(DA)也是澳大利亚证券交易所(ASX)的国际象棋结算系统的合作伙伴,该结算系统受到了一些市场参与者的反对,他们抱怨反垄断问题。值得注意的是,港交所表示,对于参与者而言,采用Synapse平台是可选的。


为了使其工作,整个结算链的买方或卖方都需要使用Synapse。理想情况下双方都是这样。


港交所推出的DAML聪明的合同在2022年,港交所股票结算平台,数字资产的关系是两年前首次宣布,最近,法国巴黎银行(BNP Paribas)表示,该公司正与证券服务DA实时工作流ASX和港交所。

 

Today Hong Kong Exchanges and Clearing (HKEX) announced plans to launch a new post-trade settlement platform, HKEX Synapse, that will leverage Digital Asset’s DAML smart contract language. The system will also be integrated with DTCC’s ITP platform. Synapse will be piloted in 2021 and go into production in Q1 2022.

No mention wasHKE made about the solution using blockchain or distributed ledger technology (DLT), and DAML can work with databases as well as numerous DLTs. HKEX also stated it would be a centralized solution. We’ve asked HKEX and will update with their response. 

HKEX Synapse will be used for its Northbound Stock Connect system, which acts as a gateway for international investors to trade in mainland Chinese shares. Average daily turnover in the first three quarters of 2020 has been RMB90 billion ($13.7 billion), more than double the same period in 2019. The new solution is expected to enable even further growth.

However, mainland settlement times are four hours compared to HKEX settlement of two days. For international investors, settlement invariably happens in the middle of the night and need automation. To date, individual firms have developed bespoke solutions often with manual steps to address these issues.

But given that most current platforms rely on APIs, each step in the process is sequential, moving from party to party. We’re talking about brokers, local custodians, global custodians, asset managers and settlement providers. HKEX Synapse provides a single source of truth, which means the processes can instead happen in parallel. Settlement instructions are provided simultaneously, as are status updates for all parties, enhancing transparency.

As well as using DAML for automation, the solution will also integrate the DTCC’s Institutional Trade Processing (ITP) services. A key advantage is the more than 6,000 clients who use ITP, making it easier for a wider array of participants to access Northbound Stock Connect.

“Synapse is our latest Stock Connect innovation and will be of major benefit to global investors when they trade through Northbound Stock Connect,” said Charles Li, HKEX CEO. “Embracing new technology to further develop our markets is a cornerstone of our strategy.” 

Digital Asset (DA) is also a partner with the Australian Securities Exchange (ASX) on its CHESS settlement system, which has had some pushback from some market participants complaining about antitrust issues. Notably, HKEX says the adoption of the Synapse platform is optional for participants. 

For it to work, the entire buy-side or entire sell-side of the settlement chain needs to use Synapse. And ideally both sides.

HKEX to launch DAML smart contract stock settlement platform in 2022The HKEX, Digital Asset relationship was first announced two years ago and more recently, BNP Paribas Securities Services said it was working with DA on real-time workflows for both ASX and HKEX.

 

来自: Ledger Insights