News

BNP and Digital Asset to develop real-time trade and settlement apps

BNP Paribas buildingBNP Paribas Securities Services and Digital Asset have struck an agreement to develop real-time trade and settlement apps. The apps will provide organisations with live access to the Australian Securities Exchange (ASX) and Hong Kong Exchange’s (HKEX) expected distributed ledger technology-based trading and settlement platforms, BNP Paribas Securities Services said in a statement. The first service is anticipated in 2021 in the form of a smart elections service for corporate actions. By using DAML smart contracts, “all parties in the corporate action chain will receive corporate action information such as dividend reinvestment or purchase offer decisions at the same time, reducing processing time, improving operational efficiency and enabling investors to finalise their decisions on the most current information on market factors,” said BNP Paribas Securities Services. DAML is a smart contract platform created by Digital Asset to automate digital agreements. Luc Renard, head of financial intermediaries and client line and digital transformation for Apac at BNP Paribas Securities Services said the platform “has the potential to emerge as a new standard for international capital markets”. © 2020 funds global asia

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