JP Morgan, Credit Suisse Among 8 in Latest Bank Blockchain Test
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....
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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....
R3CEV, the blockchain startup leading a consortium of more than 40 international financial institutions, has announced the completion of a test involving 11 members of the group. Barclays, BMO Financial Group, Credit Suisse, Commonwealth Bank of Australia, HSBC, Natixis, Royal Bank of Scotland, TD Bank, UBS, UniCredit and Wells Fargo were involved in the experiment, the first by the group to be revealed to the public. The startup said that the test involved a distributed ledger based on the public Ethereum network but that was hosted on a private network on the Microsoft Azure platform,....
Financial innovation firm R3 continues to draw powerful allies in its blockchain consortium; the latest ones to join it are three banks namely Mizuho Financial Group, Nordea and UniCredit. Blockchain is the technology behind virtual currency Bitcoin and it continues to draw powerful admirers. All have joined this consortium to design and apply the distributed ledger technology, blockchain, for the global financial markets. Interest in the initiative amongst the international banking community has continued to grow at a rapid pace ever since its launch with the backing ofnine financial....
It’s been more than a decade since the financial crisis in 2007-2008 when Lehman Brothers, the fourth largest investment bank in the U.S., collapsed and filed bankruptcy. Close to 14 years later, Credit Suisse and Deutsche Bank, two of the world’s largest banks, are suffering from distressed valuations and the banks’ credit default insurance levels are approaching degrees not seen since 2008. Credit Suisse and Deutsche Bank Valuations Have Dive-Bombed — Investors Discuss the Systemic Risk to the Global Economy During the first week of October, the world economy....
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....