7 Financial Firms Test Blockchain for Data Management
Credit Suisse, Citi and HSBC are among seven financial firms to participate in a data management trial announced today and conducted with support from blockchain firms Axoni and R3CEV. Featuring buy-side and sell-side firms, the multi-month effort envisioned how a distributed ledger prototype could be built to enhance risk management, cost and efficiency issues when managing financial reference data. Also involved was the Securities Industry and Financial Markets Association (SIFMA), a trade group representing US securities firms. According to a release, the prototype used Axoni Core, the....
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A number of banks and financial firms have completed a long-running blockchain test involving a smart contract prototype developed by blockchain firm Axoni, for equity swaps. Following months of testing, enterprise blockchain solutions firm Axoni has revealed a long-running blockchain test processing over-the-counter (OTC) equity swaps. Participating banks include JP Morgan, Citi, Credit Suisse and Barclays. Financial support industry firms IHS Markit and Thomson Reuters, along with consultancy firm Capco also took part in the test. Fortnightly meetings were conducted among participants....
The Science and Technology (S&T) Directorate of the US Department of Homeland Security is supporting four small firms with funds to use Blockchain technology to support identity management. What are those Blockchain firms? Digital Bazaar, Respect Network, Narf Industries and Celerity Government Solutions will all get $100,000 each. They fall under the Applicability of Blockchain Technology to Identity Management and Privacy Protection research topic. The topic is to use Blockchain technology, which centralizes and validates new entries added into an existing data field to support....
Nine Blockchain technology-related firms have been accepted into the UK Financial Conduct Authority’s (FCA) regulatory sandbox, which enables them to test out their innovative ideas without immediately incurring all the normal regulatory consequences. 24 applications were deemed fit to meet the sandbox eligibility criteria and were accepted out of 69 to develop towards testing, including early stage start-ups, challengers and incumbent firms. Earlier this year, the FCA signed a cooperation agreement with the Australian Securities and Investments Commission, to be the first time anywhere in....
Eight financial firms have completed a successful test of a smart contract prototype built by blockchain startup Axoni. Announced today, participating institutions include five banks (JP Morgan, Credit Suisse, Barclays, Citi and one undisclosed participant), two financial infrastructure firms (Markit and Thomson Reuters) and business consultancy Capco. The months-long equity swaps processing tests were organized by Axoni to show that the New York firm's software is capable of handling complex post-trade services such as margin payments and corporate action processing. Further, the project....
Seven firms representing various stakeholders in the credit default swaps trading process today announced they successfully tested replicating the process using blockchain technology. The announcement is the latest that signals an acceleration of the rate at which financial incumbents are embracing both blockchain technology and distributed ledgers. In a statement, Chris Childs, CEO of the Depository Trust & Clearing Corporation’s (DTCC) OTC derivatives segment, said the test’s diverse group of partners was fundamental to its success. Childs said: "Blockchain and distributed....