Hong Kong stock exchange will work on the blockchain

The Hong Kong stock exchange (HKEX) intends to follow the example of the Australian colleagues in the development of the settlement system on the blockchain. According to the Financial Times, CEO of HKEX, Charles Lee (Charles Li) said on Tuesday that the company is currently engaged in a dialogue with the Australian stock exchange (ASX) to learn from her experience
to create clearing and settlement system on the blockchain.

According to Lee, the ultimate goal is to use the platform on the blockchain to calculate borrowing securities and lending and OTC-trades at a much reduced cost when compared with traditional methods.

While the exchange had previously announced an initiative to create a private market on the basis of the blockchain for the financing of small enterprises, Li said that technology providers are unable to provide sufficient support and HKEX is not interested to develop in this direction. However, Lee hopes to continue the development of block chain of initiatives in the framework of the exchange, following the example of the technological achievements and relationships with partners who have established ASX.

«Let’s use this cheap technology to create something does not affect the Central order book,» said he.

ASX announced
in December of last year about plans to introduce the technology developed by the blockchain startup Digital Asset Holdings, which will replace the currently used system Clearing House Electronic Subregister System (CHESS). Therefore, the ASX became the first stock exchange planned the migration of their main operations in the system based on the blockchain.

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