The Asian Banker Monday, 15 July 2024

Citi successfully settles first trades on HKEX Synapse platform

5 min read

Citi Securities Services announced the successful settlement of trades for China Asset Management (Hong Kong) [ChinaAMC (HK)] on Hong Kong Exchanges and Clearing Limited (HKEX) Synapse platform, which went live for trades settlement yesterday.

This 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.

Launched in 2014, Stock Connect is a landmark mutual market access programme connecting the equity markets of Mainland China and Hong Kong, paving the way for Hong Kong and international investors to access the China A-share market.

Citi has worked closely with HKEX, since being invited to participate in the Synapse pilot project in 2019, to develop and bring online a fully automated application programming interface (API) powered Synapse connectivity solution. Citi is the first and only bank in Hong Kong to offer this capability and in the process has fully aligned its custody platform to offer the complete benefits of Synapse to its clients.

Caroline Chan, Hong Kong head of securities services at Citi said: “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.”

Re-disseminated by The Asian Banker

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