David Durand, Advisor, Innovation and Advocacy
September 9th, 2020
DigFin |Oct 21, 2020
BNP Paribas Securities Services is reinventing a bank’s value where processing is no longer needed.
One of the benefits of blockchain-based projects at Australia Stock Exchange and Hong Kong Stock Exchange is they will eliminate the bulk of post-trade processing.
No more reconciliations between investors, corporates, brokers and custodians – because all relevant data is tracked on a shared ledger. Ditto for the paperwork among fund managers, distributors, registrars and transfer agencies, once tracking fund subscriptions and redemptions and cutting NAVs is fully automated in one network.
BNP Paribas Securities Services is embracing blockchain, A.I. and other digital technologies to reinvent the custodian of the future. It has recently announced plans to introduce “smart elections” for shareholders in 2021, a project done with blockchain vendor Digital Asset.
Gary O’Brien, Hong Kong-based head of custody and clearing products for Asia Pacific, said,
“The core role for us is in asset services, reporting and settling transactions. But we are also taking client requests and transaction details to the market in the format they need, and vice versa.
He says this is in line with what ASX is doing with replacing Chess, its post-trade infrastructure, with DLT solutions. “It’s about how we as a custodian will receive data on their platform, new types of data they will bring, and how it will benefit us, our clients, and our clients’ clients.”
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