22 August 2017
visit www.avoka.com

Euroclear pencils in 2017 for bullion on blockchain roll out

19 December 2016  |  17717 views  |  0 Gold bar stacked 1

Euroclear is set for a 2017 go-live for the application of blockchain technology in the London bullion market after completing its first pilot trades.

The depository says over 600 OTC test bullion trades were settled on the Euroclear Bankchain platform over the course of the two-week pilot. A number of leading market participants in the London bullion market were involved in the test run, including Scotiabank, Société Générale, Citi, MKS PAMP Group and INTL FCStone.

All are part of the Euroclear Bankchain Market Advisory Group set up in June this year that now includes 17 participants working with Euroclear and blockchain platform provider Paxos in the roll-out of the new service.

Euroclear sayss the new platform will bring instant settlement and simultaneous delivery versus payment to the London bullion market, significantly minimising risk while reducing capital charges incurred under the current process.

Angus Scott, director, product strategy and innovation at Euroclear says: "This is a real first step in bringing a new settlement capability to the London bullion market that will help lower risk and simplify the post-trade process."

He says another market simulation will run early next year in preparation for a production launch later in 2017.

Elsewhere in the blockchain-in-finance world, the Banque de France has released details of a trial conducted with Labo Blockchain in collaboration with state-owned Caisse des Dépôts et Consignations and several unidentified French banks on the use of a consensus network for the management of creditor IDs under Sepa. It says a full assessment of the results will be carried out over the coming months.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Royal Mint to issue digital gold

Royal Mint to issue digital gold

29 November 2016  |  10215 views  |  1 comments | 24 tweets | 24 linkedin
Capital markets expect blockchain to go mainstream within six years

Capital markets expect blockchain to go mainstream within six years

14 November 2016  |  15405 views  |  0 comments | 36 tweets | 43 linkedin
Euroclear explores use of blockchain in London gold markets

Euroclear explores use of blockchain in London gold markets

22 June 2016  |  8464 views  |  0 comments | 11 tweets | 13 linkedin
Icap hails blockchain proof-of-concept as post-trade breakthrough

Icap hails blockchain proof-of-concept as post-trade breakthrough

15 March 2016  |  10925 views  |  0 comments | 21 tweets | 19 linkedin
It may take ten years, but blockchain tech will totally transform capital markets

It may take ten years, but blockchain tech will totally transform capital markets

03 February 2016  |  17640 views  |  0 comments | 25 tweets | 20 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comdownload the paper nowvisit www.vasco.com

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12168 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
10667 views comments | 22 tweets | 33 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10055 views 0 | 5 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9925 views comments | 10 tweets | 8 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
9798 views comments | 21 tweets | 34 linkedin

Featured job

Find your next job