The Wall Street giant pilot DLT block chain intelligent management of equity swap contracts
On November 21st news including Goldman (GoldmanSachs) and JP Morgan (JPMorgan), some Wall Street giants have completed a pilot, the use of smart contracts to block chain management of equity transactions and transaction after the exchange of life cycle events.
After the initial proof of concept, the pilot project for months by the DLT startup Axoni using its AxCore management platform, to participate in the blockchain intelligent management of equity swap contracts to the participants include: the French bank of Paris (BNPParibas), Citigroup (Citi), Credit Suisse (CreditSuisse), Canada (pension fund investment Committee CanadaPensionInvestmentBoard, IHSMarkit) and Thomson Reuters (ThomsonReuters).
The project participants witnessed the stock exchange processing life cycle events, point to point, automatic testing life cycle management and exchange with the single stock portfolio’s total return synchronization, and the key components of the distributed ledger network deployment and management.
The test consists of a group of more than 70 structural test case, for the assessment of the life cycle and function integration with external systems, including the IHSMarkit SwapOne platform. Thomson Reuters pricing and data integration into the system.
Axoni said the two sides also swap transactions at the same table in a ledger allows counterparties in the whole process of the transaction (termination from proposal to simultaneously view and share data).
The company said, synchronization, data transparency calculation logic and improving the automation industry behavior will reduce operating costs and errors, and for the customer and regulatory reports provide real-time data access.
Citigroup (Citi) global head of Adam? Herman (AdamHerrmann) said: “Citigroup another successful stock exchange pilot company Axoni is satisfied with the results. The investment manager shows the potential value of AxCore for a contribution to this effort. Less valuation disputes and real time data acquisition will benefit the entire industry.