The precious metals division at the London unit of INTL FCStone has started using technology from startup Paxos to automate trade confirmations.
Paxos Confirmation Service was built specifically for the post-trade needs of the precious metals market, promising to automate trade confirmations, reducing errors and securing instantaneous reconciliation.
The technology is being used by INTL FCStone to confirm all of the thousands of trades it executes every day. The firm and its counterparties can electronically match trade economics almost instantaneously after booking through a single Web interface. Both firms get the benefit of knowing trades are either captured correctly or problems are quickly identified and resolved.
Charles Cascarilla, CEO, Paxos, says: "Our mission has been to build products that simplify post-trade, freeing up capital and decreasing cost. This is an important milestone as the first stage of our settlement offering goes into live production by serving such a trusted partner as INTL FCStone and its counterparties."
The deal comes on the heels of a $65 million Series B funding round for Paxos and is a vote of confidence in the startup, which suffered a setback last year when a blockchain partnership with Euroclear for the London gold bullion market was dissolved. The company says will be releasing products in the future that will help with further steps of post-trade processes, including settlement via blockchain.