The largest banks Commerzbank, Credit Suisse and UBS conducted the first transactions on the blockchain through the secure platform Securities Lending from Deutsche Börse and HQLAX Management Company.
This was announced on its website by the operatorFrankfurt Stock Exchange Deutsche Börse, announcing the successful launch of a system based on distributed ledger technology (DLT). According to Deutsche Börse, the platform runs on the Corda blockchain from R3, and transactions were performed in the Eurex Repo F7 trading system.
Swiss banking group UBS and German bankCommerzbank exchanged ownership of government and corporate bonds with Clearstream Banking as a trusted custodian of securities. The transaction was successful, without the need for physical transfer of documents - all information is recorded in a digital registry.
“The launch of the HQLAX system indicates a successintroducing DLT into the finance industry. The latest technologies can and should be applied in the lending and securities market, ”said Jens Hachmeister, Head of Market Development at Deutsche Börse, expressing hope for further productive cooperation with HQLAX.
According to Deutsche Börse, these bankinggiants have been collaborating with HQLAX from the very beginning of the project. It was attended by another 15 major banks, including CIBC, Citi, Goldman Sachs and ING, which joined at various stages of platform development. It is likely that in the near future J.P. Morgan may join the ranks of third-party agents, along with Clearstream Banking S.A. and Euroclear Bank.
In October, Deutsche Börse conducted a testtransaction with Commerzbank using securities, tokens and distributed ledger technology, and in November successfully completed a transaction with securities through the blockchain with telecommunications company Swisscom.