Euroclear's Bankchain Blockchain Gold Settlement Will Go Live in 2017
- Major institutions including Scotiabank, Société Générale, Citi, MKS PAMP Group and INTL FCStone are slated to take part.
Euroclear and Paxos have announced the completion of a pilot for Bankchain, their blockchain settlement service for London bullion, and it is now expected to go live in 2017. They report that over 600 over-the-counter (OTC) test bullion trades were settled on the platform over the course of the two-week test.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong.
Some major players in the London bullion market were involved in the pilot, including Scotiabank, Société Générale, Citi, MKS PAMP Group and INTL FCStone. They are part of the Euroclear Bankchain Market Advisory Group that now includes 17 participants in total.
"The pilot has been very useful in helping us further refine the Bankchain platform," said Seth Phillips, Bankchain Product Director at Paxos. "The level of engagement from market participants was extensive and they were excited by settlements enabled on a real Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term for the first time and to see how quickly their feedback could be incorporated into the platform."
Angus Scott, Director, Product Strategy and Innovation at Euroclear, added: "This is a real first step in bringing a new Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term capability to the London bullion market that will help lower risk and simplify the post-trade process."
The companies say that over the coming months, Euroclear and Paxos will continue to work closely with the London bullion market and integrate feedback from the pilot into the Euroclear Bankchain service. Another market simulation will run early next year in preparation for a production launch later in 2017.
Euroclear and Paxos have announced the completion of a pilot for Bankchain, their blockchain settlement service for London bullion, and it is now expected to go live in 2017. They report that over 600 over-the-counter (OTC) test bullion trades were settled on the platform over the course of the two-week test.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong.
Some major players in the London bullion market were involved in the pilot, including Scotiabank, Société Générale, Citi, MKS PAMP Group and INTL FCStone. They are part of the Euroclear Bankchain Market Advisory Group that now includes 17 participants in total.
"The pilot has been very useful in helping us further refine the Bankchain platform," said Seth Phillips, Bankchain Product Director at Paxos. "The level of engagement from market participants was extensive and they were excited by settlements enabled on a real Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term for the first time and to see how quickly their feedback could be incorporated into the platform."
Angus Scott, Director, Product Strategy and Innovation at Euroclear, added: "This is a real first step in bringing a new Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term capability to the London bullion market that will help lower risk and simplify the post-trade process."
The companies say that over the coming months, Euroclear and Paxos will continue to work closely with the London bullion market and integrate feedback from the pilot into the Euroclear Bankchain service. Another market simulation will run early next year in preparation for a production launch later in 2017.