Hong Kong stock exchange makes a big step towards blockchain

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Hong Kong stock exchange is preparing to make a step towards industry blockchain technology, diversifying its business model and planning for the acquisition of companies in the blockchain sector.

Bloomberg, citing informed about the Affairs of the exchange sources, reported on the possible change in strategies of the stock exchange HKEx. In recent time, commercial relations with China’s exchanges became more complicated against the background of deteriorating political relations between China and the United States.

According to sources of Bloomberg, the head of the stock exchange of Hong Kong Charles Li met with three investment banks to discuss the diversification business model. Acquisition of companies associated with the “data mining and the blockchain sector” may be one of the future strategies of the exchange.

Sources also said that Lee was found with related with CME Group Inc. Inc Nasdaq and venture companies. Nasdaq announced in 2017-the year of about 19% of the profits from related with data companies and 13% – from market technologies, while the net profit of the Hong Kong stock exchange at 100% are coming from trading fees and clearing.

Head of research at CEB International Investment Corp. Banny Lam, commented on the change of strategy Gorkovskoe exchange as follows:

“The strategy is built in the right direction, but hard to achieve her goals. HKEx needs to keep the momentum of growth, exploring new markets”

The sources also noted that the new strategy for 3 years will be introduced already in 2019 the year, however, as reported by Bloomberg, investors are concerned about future exchange transactions due to the fact that HSEx not cope with the integration of London metal exchange in the past.

Stock exchanges around the world involved in the blockchain industry: for example, the Australian stock exchange (ASX) is planning to implement built on the blockchain post-trade system by 2020 year, and the world’s largest stock exchange ICE, which owns NYSE, announced in August the creation of a global platform to allow “customers and institutional investors to freely sell, buy, store and spend digital assets.”

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