Industry stakeholders partner on blockchain based margin and collateral solution
AMSTERDAM, the Netherlands, BRUSSELS, Belgium, LONDON and STOCKHOLM, Sweden, June 19, 2018 (GLOBE NEWSWIRE) -- ABN AMRO Clearing, EuroCCP, Euroclear and Nasdaq have completed a joint proof of concept to make the use of securities more efficient when used to cover margin calls, including after business hours, using blockchain, or distributed ledger technology (DLT).
This solution addresses significant business challenges and inefficiencies related to the current provision of collateral to Central Counterparties (CCPs) and has demonstrated that a shared, resilient network can be built between collateral givers, collateral takers and intermediaries.
The inefficiencies of collateral processing have been heightened as a result of recent market changes such as extended trading hours by stock exchanges and the requirement to centrally clear derivatives traded bilaterally (OTC) under the European Market Infrastructure Regulation (EMIR). Today, a CCP margin call typically needs to be covered by euro collateral within a short time frame. After the regular hours of central banks and central securities depositories, usually ending at 18:00 CET, options are limited. Several CCPs currently allow for the use of securities to cover intraday (evening) initial margin calls, but this method is rarely used due to inefficient and complex securities delivery processes.
As an increasing number of buy-side market participants centrally clear their derivatives trades, the need to provide an efficient securities collateral solution has become essential. Using the solution developed in the proof of concept, parties were able to handle the margin call, the securities collateral delivery and the return process within minutes. Clearing participants and CCPs were able to optimise their collateral positions through a collateral dashboard.
The underlying collateral transfers were processed by Euroclear's Central Securities Depository, ensuring settlement finality and regulatory compliance.
Nasdaq developed the proof of concept for the DLT nodes while ABN AMRO Clearing, EuroCCP and Nasdaq Clearing developed a specific front-end and managed integration into their own environments.
Coen van Walbeek, Global Head of Treasury and SBL at ABN AMRO Clearing said: "With a faster and more globalised market, it is essential to make the processing of collateral more efficient. Expanding the possibilities to use securities as collateral will make clearing through CCPs more attractive and cheaper for buy-side market participants. This is a breakthrough for the CCP model."
Diana Chan, CEO at EuroCCP said: "We are excited to be partnering on a proof of concept that is extremely useful for transactions that are not already well-served by market infrastructures. With a solution like this in place we will be able to efficiently provide counterparty risk protection of equity trades after hours while reducing operational complexities. Today we are limited by European banking hours or arrangements in other time zones."
Walter Verbeke, Global Head of Business Model and Innovation at Euroclear added: "As a major collateral house, holding € 28.5 trillion worth of assets, we are pleased to participate in this initiative. It demonstrates that a smart combination of NewTech and the resilience of the Central Securities Depository can work effectively and in full compliance with regulatory requirements."
"As both a leading market technology provider and a CCP operator, Nasdaq is uniquely positioned to bring efficiencies to collateral management. We believe that blockchain technology brings with it a huge potential to transform markets everywhere, and this project is an excellent showcase of this," said Julia Haglind, CEO of Nasdaq Clearing.
About ABN AMRO Clearing
ABN AMRO Clearing is one of the world's leading providers of clearing and financing services for listed derivatives and cash securities, OTC products, warrants, commodities and FX. With 11 offices globally employing more than 800 staff, ABN AMRO Clearing services clients on 160+ exchanges, MTFs and FX liquidity centres and consistently ranks as a top 3 clearer in most time zones. We consistently post over 20% market share of transactions cleared on most relevant derivatives exchanges globally. ABN AMRO Clearing offers an integrated approach to global transaction processing, financial logistics and risk management and processes over 16 million trades per day.
ABN AMRO Clearing received the FOW Award as the 'Proprietary Traders' Clearing Firm of the Year' (Dec 2013, 2014, 2015, 2016,2017); the CTA Intelligence Award for FCM - Best Client Service (US, Jan 2015 and 2016; Europe, Nov 2016), FCM - Innovation (US, Jan 2017; Europe, Nov 2017) and Best FCM - Overall (Europe, Nov 2015). We also received the HFM-Week Service Award for Best Prime Broker - Client Service (Europe, Apr 2016). For more information: www.abnamroclearing.com
EuroCCP clears equities traded on stock exchanges, multilateral trading facilities and other trade sources. After a trade has been executed, EuroCCP centrally manages counterparty risk for trading firms and reduces their post-trade costs through netting. EuroCCP is the most connected CCP in Europe, with access to 82% of equity trades executed on 26 trading platforms. EuroCCP clears equities, ETFs and depositary receipts listed in 19 national markets including the United States.
EuroCCP is headquartered in Amsterdam, equally owned by the stock exchanges Cboe Europe, Euronext and Nasdaq, by ABN AMRO Clearing Bank and by The Depository Trust & Clearing Corporation (DTCC).
Euroclear group is the financial industry's trusted provider of post trade services. At the core, the group provides settlement, safe-keeping and servicing of domestic and cross-border securities for bonds, equities and derivatives to investment funds. Euroclear is a proven, resilient capital market infrastructure committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise.
The Euroclear group includes Euroclear Bank - which is rated AA+ by Fitch Ratings and AA by Standard & Poor's - as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. The Euroclear group settled the equivalent of EUR 733 trillion in securities transactions in 2017, representing 215 million domestic and cross-border transactions and held EUR 28.6 trillion in assets for clients.
Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion.
To learn more, visit: http://business.nasdaq.com
For further information please contact
ABN AMRO Clearing: Brigitte Seegers +31 20 6283365, email@example.com
EuroCCP: Jeff Watt, Greentarget, +44 207 324 5482, firstname.lastname@example.org
Euroclear: Inge Drijkoningen, +32 2 326 4431, email@example.com
Nasdaq: David Augustsson, +46 734496135, firstname.lastname@example.org
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nasdaq via Globenewswire
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
PayByPhone Supports Additional Languages16.8.2018 19:47 | Pressemelding
Drivers can now use the app in Spanish and Chinese VANCOUVER, British Columbia, Aug. 16, 2018 (GLOBE NEWSWIRE) -- Drivers who pay for their parking with the PayByPhone app can now use the app in Spanish, Traditional Chinese, and Simplified Chinese. Later this year, the leading mobile parking payment service will also be available in Punjabi. The support of multiple languages increases PayByPhone’s usability for its diverse consumer base, who are located across North America, Europe, and Australia. To gain access to the newly supported languages within PayByPhone, drivers can simply download the latest version of the app and set their iOS or Android device to their preferred language. “We’re excited to have expanded our language offerings beyond English and French,” said Barrie Arnold, Chief Commercial Officer, PayByPhone North America. “PayByPhone is available in many multicultural cities worldwide, and this update improves the app’s accessibility. PayByPhone has gained a global presen
Global Dairy Platform Announces Dairy Farmers of America CEO Rick Smith as New Board Chair16.8.2018 17:52 | Pressemelding
ROSEMONT, Ill., Aug. 16, 2018 (GLOBE NEWSWIRE) -- Global Dairy Platform (GDP), a pre-competitive collaboration of dairy sector organizations focused on encouraging the appropriate intake of nutrient-rich dairy foods and demonstrating the sector’s role in sustainable agriculture, today announced the appointment of Rick Smith, President and Chief Executive Officer of Dairy Farmers of America as Chair of the Board of Directors. “It is truly an honor to serve as Chair of GDP’s Board of Directors,” noted Mr. Smith. “We are facing global food and health challenges that need short and long-term solutions. The work of GDP creates an avenue for collaborative action that demonstrates dairy’s valuable contribution to global food systems, healthy diets and sustainable livelihoods.” Mr. Smith will serve on the board along with Fonterra Co-operative Group Chief Executive Officer Mr. Miles Hurrell; China Mengniu Dairy Company Executive Director and Chief Executive Officer Mr. Minfang (Jeffery) Lu; Ro
GridGain Systems Named to Inc. 500 List of America’s Fastest-Growing Private Companies for Second Consecutive Year16.8.2018 09:00 | Pressemelding
GridGain Ranks 17th among Software Companies, 13th in San Francisco Metro Area FOSTER CITY, Calif., Aug. 16, 2018 (GLOBE NEWSWIRE) -- GridGain Systems, provider of enterprise-grade in-memory computing solutions based on Apache® Ignite™, today announced it has been named to the 37th annual Inc. 500 list, a highly regarded ranking of the nation’s fastest-growing private companies. This is the second year in a row GridGain has been named to the list. GridGain’s rank of 158 on this year’s Inc. 500 list is up from number 187 last year. The company is ranked 17th among software companies, 13th in the San Francisco metro area, and 37th in the state of California. The Inc. 500 represents a unique look at the most successful companies within the American economy’s most dynamic segment – its independent small and midsized businesses. GridGain provides an in-memory computing platform that delivers speed, scale and high availability to data-intensive applications. Built on a memory-centric archite
Perceptyx Named One of America’s Fastest Growing Companies for the 4th Consecutive Year16.8.2018 05:37 | Pressemelding
INC 5000 award recognizes Perceptyx’s continued innovation and partnership with many of the world’s best companies SAN DIEGO, Aug. 15, 2018 (GLOBE NEWSWIRE) -- For the 4th consecutive year, Perceptyx has made the prestigious INC 5000 list of America’s fastest growing private companies. A recognized leader in people analytics, Perceptyx specializes in facilitating organizational change through the strategic use of employee surveys and management consulting. Longtime partners with many of the world's largest organizations, Perceptyx is uniquely capable of delivering insights across heavily distributed organizations with complex hierarchies in a way that’s as unique as an organization’s culture and brand. “We’re proud to be recognized among America’s fastest growing companies again,” says John Borland, Co-founder and CEO of Perceptyx. “We believe that our clients are the real heroes of their organizations. It has been our honor to help so many of the world’s best companies realize their g
Bombardier Establishes Automatic Securities Disposition Plan15.8.2018 22:48 | Pressemelding
Not for distribution to U.S. news wire services or public dissemination in the United States Plan permits sales of vested shares earned by certain senior executives in accordance with predetermined instructions Plan reinforces the incentive effect of performance-based compensation by allowing for the sale of shares on the open market over a period of up to two years at prevailing market prices, regardless of any subsequent material non-public information participants may receive Plan participants must satisfy Bombardier’s minimum stock ownership guidelines for senior executives MONTRÉAL, Aug. 15, 2018 (GLOBE NEWSWIRE) -- Bombardier announced today that it has established an automatic securities disposition plan (“ASDP”) in accordance with applicable Canadian provincial securities legislation. The ASDP allows for the exercise and sale of vested securities earned by certain senior executives of Bombardier as part of their overall performance-based compensation. Under Canadian securities
Cisco Reports Fourth Quarter and Fiscal Year 2018 Earnings15.8.2018 22:05 | Pressemelding
• Q4 Results: Revenue: $12.8 billion ▪ Increase of 6% year over year ▪ Recurring revenue was 32% of total revenue, up 1 point year over year Earnings per Share: GAAP: $0.81; Non-GAAP: $0.70 ▪ Non-GAAP EPS increased 15% year over year • FY 2018 Results: Revenue: $49.3 billion; increase of 3% year over year Earnings per Share: GAAP: $0.02; Non-GAAP: $2.60 ▪ Non-GAAP EPS increased 9% year over year ▪ GAAP results include a $10.4 billion charge related to the enactment of the Tax Cuts and Jobs Acts • Q1 FY 2019 Guidance: Revenue: 5% to 7% growth year over year Earnings per Share: GAAP: $0.69 to $0.74; Non-GAAP: $0.70 to $0.72 SAN JOSE, Calif., Aug. 15, 2018 (GLOBE NEWSWIRE) -- Cisco today reported fourth quarter and fiscal year results for the period ended July 28, 2018. Cisco reported fourth quarter revenue of $12.8 billion, net income on a generally accepted accounting principles (GAAP) basis of $3.8 billion or $0.81 per share, and non-GAAP net income of $3.3 billion or $0.70 per share.
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom