20 August 2017
visit www.avoka.com

Big banks partner Broadridge to pilot blockchain-based proxy voting

12 April 2017  |  9085 views  |  0 Trader

JPMorgan, Northern Trust and Banco Santander have teamed up with vendor Broadridge Financial Solutions to pilot the use of blockchain technology for proxy voting.

The trial was run in support of a corporate issuer's annual general meeting, with the blockchain tech used to produce a "shadow" digital register of the proxy voting taking place using more traditional means.

Broadridge says using distributed ledger technology gives transparency, offering daily insight into vote progress throughout the issuer’s proxy voting period, from meeting announcement date to the annual general meeting.

The application promises to ensure role-based access to voting data through use of cryptography and smart contract technology and is built on an Ethereum blockchain platform.

Julio Faura, head, blockchain lab, Banco Santander, says: "After piloting this blockchain-based platform with Broadridge, we see that proxy voting makes an interesting case where distributed ledgers and smart contracts can add transparency and efficiency to financial services, to the benefit of our corporate and institutional clients."

In January, Nasdaq reported the successful completion of a proof-of-concept using DLT to streamline proxy voting on companies listed on its Tallinn Stock Exchange, hinting that a wider rollout could be in the pipeline. Canada's TMX is working on a similar initiative.

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

TMX applies distributed ledger tech to proxy voting arena

TMX applies distributed ledger tech to proxy voting arena

06 April 2017  |  6051 views  |  0 comments | 10 tweets | 3 linkedin
Nasdaq hails Estonian blockchain pilot for proxy voting

Nasdaq hails Estonian blockchain pilot for proxy voting

24 January 2017  |  6781 views  |  0 comments | 13 tweets | 7 linkedin
Broadridge unveils mobile ProxyVote platform

Broadridge unveils mobile ProxyVote platform

03 December 2010  |  4936 views  |  1 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comdownload the paper nowvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9028 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7858 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7266 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6479 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6346 views comments | 11 tweets | 9 linkedin