GlobeNewswire

Industry stakeholders partner on blockchain based margin and collateral solution

Dela

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

About EuroCCP

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).

About Euroclear

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.

About Nasdaq

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, brigitte.seegers@nl.abnamro.com

EuroCCP: Jeff Watt, Greentarget, +44 207 324 5482, jeff.watt@greentarget.co.uk

Euroclear: Inge Drijkoningen, +32 2 326 4431, inge.drijkoningen@euroclear.com

Nasdaq: David Augustsson, +46 734496135, david.augustsson@nasdaq.com

-NDAQG-




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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

GlobeNewswire



Följ GlobeNewswire

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från GlobeNewswire

Karolinska Development's portfolio company Modus Therapeutics completes enrollment in Phase II study with sevuparin7.1.2019 12:00Pressmeddelande

STOCKHOLM, January 7, 2019. Karolinska Development's portfolio company Modus Therapeutics announces that the patient enrollment has been completed in the Phase II study with sevuparin in patients with sickle cell disease (SCD). The results from the study is expected in mid 2019. Modus Therapeutic's randomized, double blind study contains 140 SCD-patients with Acute Vaso Occlusive Crisis (VOC). It compares intravenously administered sevuparin with placebo. The primary endpoint of the study is the demonstration of a reduced time to resolution of patient's VOC. Clincal sites across Europe and the Middle East took part in the study that was conducted in conjunction with Modus Therapeutics' co development partner Ergomed. SCD has a high unmet medical need as there are currently no approved therapies for VOCs. It is an inherited blood disorder that affects between 90,000 to 100,000 patients in the U.S. and is characterized by severely painful VOCs that lead to organ damage due to a lack of o

Karolinska Development's portfolio company Modus Therapeutics completes enrollment in Phase II study with sevuparin7.1.2019 12:00Pressmeddelande

STOCKHOLM, January 7, 2019. Karolinska Development's portfolio company Modus Therapeutics announces that the patient enrollment has been completed in the Phase II study with sevuparin in patients with sickle cell disease (SCD). The results from the study is expected in mid 2019. Modus Therapeutic's randomized, double blind study contains 140 SCD-patients with Acute Vaso Occlusive Crisis (VOC). It compares intravenously administered sevuparin with placebo. The primary endpoint of the study is the demonstration of a reduced time to resolution of patient's VOC. Clincal sites across Europe and the Middle East took part in the study that was conducted in conjunction with Modus Therapeutics' co development partner Ergomed. SCD has a high unmet medical need as there are currently no approved therapies for VOCs. It is an inherited blood disorder that affects between 90,000 to 100,000 patients in the U.S. and is characterized by severely painful VOCs that lead to organ damage due to a lack of o

Stillfront Group rekryterar ansvarig för M&A19.12.2018 12:07Pressmeddelande

PRESSMEDDELANDE 19 december, 2018 Stillfront Group rekryterar ansvarig för M&A Stillfront Group, en marknadsledare inom 'free to play' online strategispel, annonserar idag att Marina Andersson har utsetts till ansvarig för M&A och kommer att ingå i koncernledningen. Marina har närmare tjugo års erfarenhet från investment banking och M&A. Hon har omfattande erfarenhet inom strategisk och finansiell rådgivning, affärsgenerering, projektledning inom förvärv och försäljningar av företag, finansiell analys, due diligence, samt företagsvärdering. Tidigare positioner inkluderar: Director, Deloitte's Corporate Finance Advisory team, Director, ICECAPITAL Securities, Associate Partner och Investment Manager, Deseven, samt M&A Analytiker på Carnegie. Marina har två magister-examen från Stockholms universitet och Russian Herzen State Pedagogical University. "Förvärv är en viktig del av Stillfronts affärsstrategi och vi är mycket glada att rekrytera Marina Andersson. Marinas breda erfarenhet och pr

Stillfront Group announces Head of M&A19.12.2018 12:07Pressmeddelande

PRESS RELEASE December 19, 2018 Stillfront Group announces Head of M&A Stillfront Group, a market leader in 'free to play' online strategy games, today announces that Marina Andersson has been appointed as Head of M&A and will be part of the Group's management team. Marina has close to 20 years track record of investment banking and M&A. She has extensive competence within strategic and financial advisory, deal generation, buy and sell side M&A project management, financial analysis, due diligence and company valuation. Former positions include: Director at Deloitte's Corporate Finance Advisory team, Director at ICECAPITAL Securities, Associate Partner and Investment Manager at Deseven, M&A Analyst at Carnegie. She holds two Master degrees from Stockholm University and Russian Herzen State Pedagogical University. "Acquisitions are a crucial part of Stillfront's business strategy and we are very pleased with the appointment of Marina Andersson. Marina's breadth of experience and profess

Oboya tecknar ett samarbetsavtal med Gaia avseende biomaterial13.12.2018 11:41Pressmeddelande

Oboya Horticulture Industries AB (publ) ("Oboya") har tecknat ett viktigt och långsiktigt samarbetsavtal avseende miljövänligt biomaterial med Gaia Biomaterials AB ("Gaia") i Helsingborg, Sverige. Avtalet innebär att Oboya använder Gaias biomaterial för tillverkning och utveckling av miljövänliga odlingsprodukter till odlingsindustrin. Oboya har under de senaste åren arbetat aktivt med innovation, miljö- och hållbarhetsfrågor och vårt mål är att främja miljö och hållbarhet inom odlingsindustrin genom att erbjuda miljövänliga odlingsprodukter till våra kunder. Oboya anser att användningen av biomaterial kommer att vara viktigt för framgång i omställningen till en fossilfri odlingsindustri världen över. Samarbetsavtalet innebär att Oboya använder Gaias biomaterial i sin produktion och att vi genom Gaias kompetens kan utveckla nya miljövänliga odlingsprodukter. Gaias biomaterial är biologiskt nedbrytbart, komposterbart samt ger upp till 80 % lägre koldioxidutsläpp vid förbränning jämfört

Oboya signs a cooperation agreement with Gaia regarding biomaterials13.12.2018 11:41Pressmeddelande

Oboya Horticulture Industries AB (publ) ("Oboya") has signed an important and long-term cooperation agreement on environmentally friendly biomaterials with Gaia Biomaterials AB ("Gaia") in Helsingborg, Sweden. The agreement means that Oboya uses Gaias biomaterials for the production and development of environmentally friendly cultivation products for the cultivation industry. Oboya has been actively involved in innovation, environmental and sustainability issues in recent years, and our goal is to encourage environmental and sustainability in the cultivation industry by offering environmentally friendly cultivation products to our customers. Oboya believes that the use of biomaterials will be important for success in the conversion to a fossil-free cultivation industry worldwide. The cooperation agreement means that Oboya uses Gaias biomaterials in its production and that through Gaias expertise we can develop new environmentally friendly cultivation products. Gaias biomaterials are bi

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum