DBS introduced that it had develop into the primary financial institution in Asia to finish an intraday repurchase transaction on J.P. Morgan’s blockchain based mostly community, Onyx Digital Belongings.
The community helps prompt settlements and maturity of the transactions inside hours as an alternative of the present trade norm of 1 to 2 working days.
That is additionally the primary time that J.P. Morgan is appearing as each Triparty Agent and Collateral Token Agent.
DBS joins the likes of BNP Paribas and Goldman Sachs to faucet J.P Morgan’s blockchain community for repo trades.
Andrew Ng
Andrew Ng, Head of Treasury and Markets at DBS stated,
“Repurchase agreements or repos are a conventional and well-established technique of elevating financing, however infrastructural and technical inefficiencies meant the minimal time period has often been sooner or later. Prior to now, banks world wide needed to discover various routes for intraday financing necessities.
By leveraging efficiencies of a blockchain-based answer, we’re capable of increase USD funding in compressed timeframes that are helpful to our liquidity wants.”
Scott Lucas
Scott Lucas, Head of Markets Distributed ledger Know-how at J.P. Morgan stated,
“Our intraday repo answer helps purchasers enhance operational efficiencies and speed up settlement occasions for his or her repo actions.
We’re excited to have our first Asia-domiciled shopper reside on the appliance, because the community continues to develop.”
