Citi settles first trades on HKEX’s Synapse 10 October 2023Hong Kong Reporter: Jenna Lomax
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Citi Securities Services has settled trades for China Asset Management on Hong Kong Exchanges and Clearing’s (HKEX) Synapse platform.
The trade was among the first trades executed and settled on the newly-launched Synapse platform.
Synapse is HKEX’s new integrated settlement acceleration platform, designed to complement the existing Northbound Stock Connect post-trade infrastructure. The platform went live for trades settlement yesterday (9 October).
Launched in 2014, Stock Connect is a mutual market access programme connecting the equity markets of Mainland China and Hong Kong. Citi says it is “paving the way for Hong Kong and international investors to access the China A Share market.”
Citi has worked closely with HKEX since 2019, the year it was invited to participate in the Synapse pilot project.
Citi is the first and only bank in Hong Kong to offer a programme such as Synapse and has also aligned its custody platform with the solution.
Caroline Chan, Hong Kong head of securities services at Citi, says: “Stock Connect is the preferred route for international investors accessing Mainland China securities. The API solution that Citi has designed is fully compatible with Synapse and will help address existing operational complexities.
“The development of Synapse further cements Hong Kong’s position as a leading international financial hub as it innovates and enhances its existing market infrastructure to provide a seamless experience to investors.”
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