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The Hong Kong Stock Exchange searches for ASX for Blockchain Equity Settlement

The Hong Kong Stock Exchange (HKEX) is looking to follow its Australian counterpart in the development of a Blockchain settlement system.

The Hong Kong Stock Exchange (HKEX) is looking to follow its Australian counterpart in the development of a Blockchain settlement system.

According to the Financial Times, Charles Li, director of HKEX, said on Tuesday that the company is currently in dialogue with the Australian Securities Exchange (ASX) to learn from its experience in settlement of transactions on a Blockchain system.

The plan, according to Li, would ultimately be to use a blockchain platform to liquidate loans and stock loans, as well as over-the-counter exchanges, at a reduced cost compared to traditional methods.

While the stock market previously announced an initiative to develop a private market based on Blockchain to finance smaller companies, Li said that technology providers could not provide enough support and HKEX is not interested in making the internal effort.

That said, Li still hopes to strengthen the efforts of the exchange block chain by following the technological progress and supplier relationships seen by ASX.

“Let’s use this cheap technology to do something that does not affect the central order book,” he said.

As reported by CoinDesk, ASX announced last December that, using the technology developed by Digital Asset, Blockchain’s startup, it became the first exchange that changed one of its main services to a blockchain-based system.

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