Yesterday Citi Securities Services announced it went live on the HKEX Synapse smart contract platform to settle securities between Hong Kong and China. Separately, Versana said Citi went live on its smart contract solution for syndicated loans.
Last week we reported that Hong Kong Exchanges and Clearing (HKEX) was about to go live with its Synapse smart contract solution for post trade processes for Northbound Connect. The latter is the HKEX conduit enabling Hong Kong and international investors to sette stock trades on China’s mainland Shanghai Stock Exchange. Stock settlement involves numerous intermediaries. Synapse lets them all share data simultaneously rather than processing transactions through each sequentially.
Citi has worked with HKEX since the 2019 pilots and is one of the first live Synapse participants. The bank is the world’s fourth largest global custodian, with $27.8 trillion in assets under custody. It’s also the first bank to fully integrate its custody solution with Synapse.
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