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Stock Connect System Incorporates Smart Contracts

The Hong Kong Stock Exchange is introducing a major innovation to its Stock Connect system, which links the Hong Kong and mainland Chinese stock markets. According to a press release, the enhanced system, named Synapse, now incorporates smart contract technology. Its goal is to optimize post-transaction workflows and minimize risks associated with settlement operations.

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The popularity of the Stock Connect system is undeniable, with its average daily turnover reaching $15.302 billion in the first half of 2023, a 5% increase compared to the previous year and a significant 50% increase compared to 2020 levels.

The adoption of blockchain in stock exchange systems appears to be a growing trend. For example, in Australia, ASX was encouraged last year to replace its settlement system, called CHESS, with blockchain-based technology, as reported by the Australian Financial Review.

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