SEB and Nasdaq to Build Blockchain for Swedish Mutual Fund Market
STOCKHOLM, Sweden, Sept. 27, 2017 (GLOBE NEWSWIRE) -- SEB, the Nordic financial services group, and Nasdaq, Inc. (Nasdaq:NDAQ) have announced a joint project to test a developed prototype for a mutual fund trading platform based on blockchain technology. The aim is to increase efficiency in the processing of purchases and sales of fund units and to create a unit ledger - an area which today is largely characterized by manual routines, long settlement cycles and paper driven processes.
"With the help of a blockchain we can create a faster, simpler, more effective and reliable fund market," said Göran Fors, acting head of Investor Services at SEB. "Funds are increasingly important for our clients and it is with great pleasure that we can announce this important project together with Nasdaq."
"By leveraging blockchain technology there is strong potential for improvement via digitalization that can reduce manual work, create a faster process and reduce the risk for errors," said Magnus Haglind, SVP & Head of Product Management, Market Technology, Nasdaq. "This development will look to benefit the fund market and, in the end, also the individual investors through faster response from purchases and sales."
The concept of the project indicates that, by subscribing to a private blockchain, the various market participants-fund companies, distributors and others-will be able to share a distributed database in which all transactions and changes are registered among all participants in real-time. The cooperation agreement entails that SEB and Nasdaq will continue to develop the technology with the end goal of creating a working prototype, which will be based on the Chain.com blockchain ledger. In addition, the two parties have opened a channel for collaboration with additional interested parties on building a uniformed market infrastructure for Sweden's fund market.
In contrast to the equities market, which relies on a Central Securities Depository (CSD), the Swedish fund market lacks a central, primary point for registering holdings. This means that the administration of purchases and sales of fund units are handled through an intermediary or directly with each executing party. Since a chain can consist of many links - for example, when a customer via a Swedish bank buys units in a foreign fund company - a relatively large administrative process arises. This is handled today through a combination of different technical solutions, including orders placed by paper driven processes and follow-up phone calls.
Nasdaq's market infrastructure technologies, including trading, real-time risk, index, clearing, CSD and market surveillance systems are operated in more than 100 marketplaces, regulators, clearinghouses and central securities depositories across the Americas, Europe, Asia, Australia, Africa, the Middle East and the Caribbean.
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 3,800 total listings with a market value of $11 trillion. To learn more, visit: http://business.nasdaq.com
SEB is a leading Nordic financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. SEB takes a long term perspective and supports its customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. At 30 June 2017, the Group's total assets amounted to SEK 2,777 billion while its assets under management totaled SEK 1,835 billion. The Group has around 15,000 employees. Read more about SEB at www.sebgroup.com
For Media Inquiries:
Ryan Wells (International Media)
Mobile: +44 (0) 7809 596 390
Ulrika Andersson (Swedish Media)
David Augustsson (Swedish Media)
Frank Hojem, Head of Media Relations
- NDAQG -
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
Följ NASDAQ OMX
Abonnera på våra pressmeddelanden.
Senaste pressmeddelandena från NASDAQ OMX
Oxford Immunotec and QIAGEN N.V. Settle Patent Infringement Lawsuit15.12.2017 22:04 | Pressmeddelande
Agreement includes payment of $27.5 million to Oxford, royalty-free license to QIAGEN and dismissal of all pending litigation OXFORD, United Kingdom and MARLBOROUGH, Mass., Dec. 15, 2017 (GLOBE NEWSWIRE) -- Oxford Immunotec Ltd. (Nasdaq:OXFD) and QIAGEN N.V. (Nasdaq:QGEN) (Frankfurt Stock Exchange:QIA) announced today that they have reached a settlement in the lawsuit in the U.S. District Court for the District of Massachusetts in Boston (15-cv-13124-NMG) alleging patent infringement in relation to QIAGEN's QuantiFERON®-TB Gold and QuantiFERON®-TB Gold Plus products. Under terms of the agreement, all pending claims between Oxford and QIAGEN and the co-defendants have been resolved. As part of the settlement, Oxford has granted QIAGEN a royalty-free, non-exclusive license that extends to all current and future customers of QuantiFERON-TB Gold and QuantiFERON-TB Gold Plus in exchange for a one-time, lump-sum payment of $27.5 million. The settlement includes general
Algeco Scotsman Announces Acquisition of Iron Horse Ranch15.12.2017 21:32 | Pressmeddelande
BALTIMORE, Dec. 15, 2017 (GLOBE NEWSWIRE) -- Algeco/Scotsman Holding S.à r.l. (together with its subsidiaries, the "Algeco Group") today announced the successful closing of the acquisition by the Algeco Group's subsidiary, Target Logistics Management, LLC ("Target Logistics"), of Iron Horse Ranch from funds managed by TDR Capital LLP ("TDR"). The acquisition solidifies Target Logistics' position as the single largest provider of turnkey workforce housing in the U.S., including a network of eight lodges and 2,119 beds in the Permian Basin. With the acquisition, Target Logistics' Permian Basin lodge network now includes Texas lodges in Pecos, Mentone, San Angelo and two in Odessa, along with two lodges in Carlsbad and Lovington, New Mexico. Additionally, Target Logistics adds Eagle Ford lodges in Cameron and Yorktown, Texas. Diarmuid Cummins, CEO Algeco Scotsman: "Today we announce the completion of the second of two strategic acquisitions which we flagged earlier
Repurchase of own shares in Momentum Group AB (publ)15.12.2017 15:25 | Pressmeddelande
In accordance with the authorisation issued by the Extraordinary General Meeting of Shareholders held on 28 November 2017, Momentum Group AB (publ) has repurchased 28,800 Class B shares at an average price of SEK 103.34 per share. After the repurchase, Momentum Group AB's current holding of treasury shares amounts to 28,800 Class B shares, corresponding to 0.1 percent of the total number of shares and 0.1 percent of the total number of votes. The total number of shares in Momentum Group AB, including those held by the Company, amounts to 28,265,416, of which 1,062,436 are Class A shares and 27,202,980 are Class B shares. The total number of votes in Momentum Group AB is 37,827,340. Stockholm, 15 December 2017 Momentum Group AB (publ) For further information, please contact: Mats Karlqvist, Head of Investor Relations - Tel: +46 70 660 31 32 This information was submitted for publication on 15 December 201
Återköp av egna aktier i Momentum Group AB (publ)15.12.2017 15:25 | Pressmeddelande
I enlighet med bemyndigandet från den extra bolagsstämman den 28 november 2017 har Momentum Group AB (publ) återköpt 28 800 aktier av serie B till en genomsnittskurs av 103,34 SEK per aktie. Momentum Group ABs aktuella innehav av egna aktier efter återköpet uppgår till 28 800 aktier av serie B, vilket motsvarar 0,1 procent av totalt antal aktier och 0,1 procent av totalt antal röster. Det totala antalet aktier i Momentum Group AB, inklusive de av bolaget ägda aktierna, uppgår till 28 265 416 st, av vilka 1 062 436 är aktier av serie A och 27 202 980 är aktier av serie B. Det totala antalet röster i Momentum Group AB är 37 827 340. Stockholm den 15 december 2017 Momentum Group AB (publ) För ytterligare information vänligen kontakta: Mats Karlqvist, Head of Investor Relations - telefon 070-660 31 32 Informationen lämnades för offentliggörande den 15 december 2017 kl. 15:15 CET.
Elemica Named to Food Logistics Top 100 List15.12.2017 13:55 | Pressmeddelande
11th Consecutive Win for Delivering Value Across Clients' Supply Chains WAYNE, Pa., Dec. 15, 2017 (GLOBE NEWSWIRE) -- Elemica, the leading Business Network for the process industries, announces the company has been named to Food Logistics magazine's FL100+ Award for the 11th year. The FL100+ list recognizes leading software and technology providers in the food and beverage industry. Elemica was chosen for helping agricultural and food ingredient businesses conduct more efficient and error free commerce across their community of suppliers, customers and logistics providers - delivering value through lower operating expenses and working capital costs. "We are honored to be included for the past eleven years on the Food Logistics FL100+ list for helping companies improve efficiencies and generate value from their supply chains," said John Blyzinskyj, CEO of Elemica. "Automating business processes, enabling end-to-end visibility, and providing a platform for
LeoVegas expands into new, state-of-the-art and larger premises in Stockholm15.12.2017 12:20 | Pressmeddelande
LeoVegas more than triples the size of its Swedish headquarters and invests heavily in expanding its technology and product organization in Stockholm. The move enables continued and rapid growth and strengthens LeoVegas position as Sweden's leading GameTech company. Gustaf Hagman, LeoVegas' Group CEO, comments: "As an early Christmas gift to all amazing employees, we today move into a 'top of the line office' full of energy. LeoVegas is today an attractive employer who continuously attracts top talent. Our strong corporate culture and growth journey continues!" says Gustaf Hagman, Group CEO. LeoVegas now has close to 4000 square meters in Sweden, which enables continued recruitment of the technology sector's most innovative developers within mobile gaming. The new area in Stockholm has been completely renovated to meet LeoVegas' high standard requirements. The move enables LeoVegas to have 300-350 developers in Sweden compared to today's approximately 120.
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.Besök vårt pressrum