HKEX to Work With ASX on Blockchain

Hong Kong Stock Exchange intends to reduce operational costs with blockchain
21 March 2018   531

The Hong Kong Stock Exchange (HKEX) is actively exploring the possibilities of blockchain technologies for implementation on its site. To this end, the company enlisted the support of the Australian Stock Exchange (ASX), which announced the transition from the current CHESS clearing system to a new solution created on the basis of a distributed ledger, the Financial Times reported.

It is worth noting that after two years of testing, ASX became the first major trading platform, which transferred operations to the blockchain. It is noteworthy that the exchange also became the most profitable among similar sites in 2017 - its income was 77% against 71% for HKEX.

As the publication writes, the executive director of HKEX, Charles Li, said that his site "is interested in using blockage in a number of areas, including lending and over-the-counter trading." In addition, HKEX is now "tightly communicating" with ASX to "understand the essence of their work and exchange information."

It is noted that in the past HKEX has already launched its own project to create a blockchain system for small businesses, but faced a shortage of qualified software developers, which is why the work in this direction was discontinued. However, now the site is faced with the need to reduce its operating costs, which, Li believes, will be reduced with blockchain.

Barclays to Freeze Crypto Trading Project

This is reported by two anonymous sources to Financial News London
15 October 2018   100

One of the largest UK bank Barclays has suspended work on its own crypto-trading project, Financial News reports citing two sources familiar with the situation.

Earlier this year, the bank gathered a high profile team to explore opportunities for cryptocurrency trading as part of its own business. However, according to one source, the initiative was “frozen”.

The former head of Barclays for energy trading, Chris Tyrer, who headed the “digital assets project,” left the bank in September after management decided to freeze the initiative.

Together with Tyrer, the macro-strategy in the field of foreign exchange and emerging markets was Marvin Barth, Senior Technical Specialist Lee Brain, and Consultant Matthew Jobb Duval.

Their task was to determine whether cryptocurrencies are an asset class with far-reaching prospects, whether Barclays customers are interested in them and what type of IT infrastructure will be needed to work with them, the source said.