A recent 存 survey of 50 firms across Asia Pacific revealed that many still rely on multiple touch points to monitor and receive settlement exceptions, 例如电子邮件和个人托管门户.
在缺乏流线型工作流程的情况下, managing settlement exceptions is even more challenging for cross-border trades as various complexities associated with time zone difference and specific domestic demands come into play. 也就是说, the attraction of offshore investments to generate growth opportunities continues to beckon. 在当今这个颠覆性的世界，更是如此.
Related: 为什么要进行结算异常管理 Matter for Firms in Asia Pacific?
(左至右)阿列克谢·马拉斯, 存亚太区战略联盟总监, 和Edwin Lee, 销售和市场高级副总裁, 港交所.
参与中国故事
Given Mainland China’s growing economic significance and progressive financial reform initiatives, there is increasing interest among global investors in leveraging various market channels to access the country’s capital markets. Stock Connect is one such channel that has gained traction amongst global investors.
阿列克谢马拉什, 存亚太区战略联盟总监, 最近与埃德温·李进行了一对一的讨论, 香港交易及结算所有限公司(香港交易所)销售及市场推广高级副, to discuss opportunities for enhancing 帖子-trade settlement for Northbound Stock Connect.
问:为了全球投资者的利益，什么是沪港通?
EL: Stock Connect is a pioneering cross-border program that enables mutual market access between Mainland China and Hong Kong equity markets. The first link between Shanghai and Hong Kong exchanges was launched in November 2014, 随后是2016年12月的深港通. The program for Northbound trading allows global investors to access China’s equity markets while domestic investors from China use the Southbound trading link to invest in designated securities listed in Hong Kong.
沪港通北向覆盖范围超过1个,400 eligible Chinese securities (called A-shares) that are listed and traded on either the Shanghai or Shenzhen stock exchanges, 占总市值的80%以上.
随着全球投资者越来越多地参与中国内地在岸市场, 交易后和结算的复杂性也是如此.
问:这些年来，沪港通的表现如何?
EL: 我们的沪港通项目自启动以来不断发展壮大. 自推出以来, the cumulative turnover of Stock Connect has reached over RMB 70 trillion (approximately USD 10.到2021年6月底. Mainland investors’ holdings in HK-listed shares grew by 27 times while Hong Kong and global investors’ holdings in A-share stocks grew by 207 times.
2021年上半年, 北行日均成交量同比增长54%, 达到创纪录的1140亿元人民币(约17亿美元).60亿). We also saw a significant increase in transaction volume based on the number of client accounts set up and assets under holding. 随着中国a股被纳入MSCI和富时罗素指数, we expect global investors’ participation in Mainland China’s onshore capital markets will grow, and Stock Connect will continue to play a key role in facilitating access to Mainland China.
AM: Are there any challenges with using the Northbound Stock Connect trading link?
EL: 随着全球投资者越来越多地参与中国内地在岸市场, 交易后和结算的复杂性也是如此. 例如, Mainland China has a T+0 settlement cycle whilst the Hong Kong market functions on T+2, 导致沪港通北向交易结算周期缩短. 在目前的环境下, there is only a four-hour settlement window to complete the pre-settlement and settlement processes involving upstream and downstream communications among parties to a trade.
AM:您能详细说明交易后流程中的操作问题吗?
EL: The current sequential process could introduce settlement risk to the buy-side as trades are settled based on single-sided settlement details provided by the broker/dealer. 由于在预结算过程中缺乏透明度, managing trade mismatches and exceptions and reconciling trade records have become more challenging and complicated, requiring costly manual intervention to troubleshoot and resolve settlement related issues. Standardization and automating 帖子-trade systems in the middle office will help to address this industry problem.
问:存和港交所是如何应对这一行业挑战的?
EL: 在与市场参与者进行双边磋商后, 港交所 has developed a solution to improve 帖子-trade efficiencies for Northbound Stock Connect. 与存和数字资产控股公司合作, 港交所将推出港交所突触, 一个标准化的, integrated platform incorporating DAML smart contracts to streamline communication and expedite the settlement process while maximizing connectivity and efficiencies for global investors.
问:港交所Synapse如何与存的服务合作?
EL: 港交所 Synapse is integrated with 存’s 机构贸易处理 (ITP) platform to generate a settlement workflow that operates as the single source of truth. 交易匹配 在存的中央匹配平台中医上TM 并丰富了来自警报的准确的常设结算说明TM, will be sent to 港交所 Synapse for real-time processing and near instantaneous status updates to facilitate concurrent processing, 异常处理和及时的贸易结算.
问:港交所Synapse会给业界带来什么好处?
EL: 港交所 Synapse helps to standardize and streamline the 帖子-trade workflows of Northbound Stock Connect. Market participants benefit from the improved connectivity and enhanced capacity to handle the growing volume of trades flowing through Stock Connect 以透明、高效、安全的方式.
问:“港交所突触”何时可用?
EL: We are pleased to welcome the first group of participants joining our pilot program in June 2021 to help us further enhance the design and features of the program. 港交所 Synapse计划于2022年发布.
AM: Finally, can you explain why did 港交所 collaborate with 存 on 港交所 Synapse?
EL: Aside from 存’s proven track record in global 帖子-trade clearing and settlement, 我们相信，我们的合作将使我们发展一个强大的, 安全, transparent and reliable platform that addresses the current constraints with cross-border trade settlement and cope with increasing international capital inflows into China’s onshore capital markets via Stock Connect. 另外, 我们还希望使存的全球客户社区超过6个,000 ITP clients in 52 markets leverage 港交所 Synapse to realise the investment potential of China’s A-shares market.