Wednesday October 4 2023
News Source: Global Exchanges
Focus: Clearing & Settlement
Type: General
Country: Hong Kong
Hong Kong Securities Clearing Company Limited (HKSCC) announced the launch of the Synapse service on Monday, 09th October 2023.
Synapse is an optional centralized platform and workflow tool. Synapse complements the existing post-trade infrastructure for Northbound Stock Connect and aims to standardize and streamline post trade processes and workflows, maximizing connectivity and efficiencies for market participants in a transparent, secure, and reliable manner.
Synapse services the entire value chain used by institutional investors to invest in Northbound Stock Connect, involving the following key market participants: Asset Managers, Global Custodians, Local Custodians, Exchange Participants and Clearing Participants.
Synapse enables trade confirmation platform providers used by institutional investors to integrate with Synapse via Straight Through Processing (“STP”). The first trade confirmation platform provider connected to Synapse at launch will be The Depository Trust and Clearing Corporation with its Institutional Trade Processing service suite. Asset Managers and Exchange Participants are able to follow and monitor the entire post-trade processing of Northbound Stock Connect trades via a dedicated Graphical User Interface (“GUI”) with Synapse. Apart from GUI, Global Custodians, Local Custodians and Clearing Participants can also integrate STP processing steps into their existing processes via ISO 20022 or API connectivity with Synapse. Direct connectivity of Synapse into CCASS enables full end-to-end STP and real-time transparency on post-trade processing of Northbound Stock Connect trades for market participants.
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