The Hong Kong Exchange and Clearing’s (HKEX) project on transforming its post-trade technology has undergone a round of testing conducted by a leading quality assurance (QA) provider.
Exactpro, which provides QA services for market infrastructures, completed a review of the testing processes for HKEX’s NextGen Post-Trade programme and delivered a set of test recommendations for the first phase of the project which has been approved by the HKEX board.
“Thorough testing is important for a smooth launch of our new platform, and we are delighted to have engaged Exactpro to provide their expert advice on how we can utilise current best practices,” said Christian Sjoberg, head of platform development, HKEX.
HKEX is working on upgrading its post-trade infrastructure across all of its business processes and systems, including technology for its central counterparty (CCP), central securities depository (CSD), risk and collateral management and nominee functions.
These include a multi-asset single risk engine for the securities market, a data warehouse, and business intelligence tools. CCASS and DCASS, the clearing and settlement systems that underpin the cash securities and listed derivatives markets, respectively, will both be replaced as part of the upgrade.
Last month, HKEX’s CEO, Charles Li, said the exchange is planning to expand its post-trade infrastructure with a focus on improving cross-border custody and settlement processes.
It has also partnered with blockchain specialist Digital Asset to use the technology to help complete post-trade allocations and processing for trades into Mainland China, through Stock Connect, within a tight settlement window.