HKEX to Develop Platform for Post-Trade Blockchain Trial

New blockchain platform, being created together with Digital Asset, is designed for processing trading results after completion of transactions
31 October 2018   817

The Hong Kong Stock Exchange (HKEX) has entered into an agreement with the blockchain-startup Digital Asset to develop a blockchain-platform for processing trading results after completion of transactions, which will be used in the Northbound Stock Connect system. This is reported by CoinDesk.

In March, HKEX announced that it plans to follow the example of the Australian Stock Exchange (ASX), which previously shifted settlement operations to the blockchain-rails through a system developed by the Digital Asset startup. This technology is intended in part to replace the outdated clearing system CHESS by 2021.

The Northbound Stock Connect program was launched by HKEX in 2014. It allows foreign and Chinese investors to trade securities in each other’s markets using trading and clearing systems operated by exchanges from their countries.

According to the HKEX exchange, it, together with Digital Asset, has already completed work on a functional prototype of the system aimed at solving all these problems. The prototype allows a group of market participants to pre-set how the settlement operations will take place, and thus not experience difficulties due to the difference between time zones.

In addition, the test system allows real-time synchronization of the post-trading status of the transaction between asset managers, brokers, custodians and Hong Kong Securities Clearing Company Limited - the HKEX system for clearing settlements on operations with securities.

HKEX said it plans to begin a new phase of developing a platform that will involve a wider range of market participants.

BTC Invesment Profitability to Exceed Traditional Assets

This conclusion was made by Binance Research team in study "What Bear Market?"; since begining of the year the BTC has grown by more than 50%, while oil by 33%
08 May 2019   320

Since the beginning of the year, Bitcoin has grown faster than traditional market assets, including oil, technology companies, real estate and gold. This conclusion was made by Binance Research in the new study "What Bear Market?"

Since the beginning of the year, the price of Bitcoin has grown by more than 50%, while oil - by 33%, tech stocks - by 18%. The price of gold in five months slipped by 1%.

Recently, however, some factors have emerged that may put pressure on the price of Bitcoin. Thus, the recovery of BTC growth slowed down somewhat amid news of a hacker attack on the popular Binance exchange itself, as a result of which 7,000 BTC ($ 40.5 million) were stolen.

Another potentially negative factor for the price of Bitcoin could be the upcoming IEO of the Bitfinex exchange, where Tether stablecoins will be used to purchase LEO tokens for $ 1 billion. It can lead to situation when large players can may actively sell BTC.