Hong Kong Exchange and the Monetary Authority Launch Pilot Program to Provide Digital Payment Solution for Derivatives Post-Trade Session

BlockBeats News, June 18th - The Hong Kong Exchanges and Clearing Limited (Hong Kong Exchanges) and the Hong Kong Monetary Authority (HKMA) today (June 18th) announced the launch of a joint pilot project to explore a new digital payment solution for trading in the derivatives market after the close of trading. This pilot project aims to optimize the Hong Kong capital market and meet the growing demand for after-hours trading.

The Hong Kong Exchanges and the HKMA are exploring the introduction of the "Digital Hong Kong Dollar" - a wholesale central bank digital currency (CBDC) operating on a 24/7 basis - for making collateral payments during the post-trade hours, enhancing the risk management capabilities of the derivatives market outside of banking hours while keeping the existing operational processes intact. (Jinse)