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.