Paxos settlement service
Paxos, a financial technology company delivering revolutionary Blockchain solutions for the financial services industry, and EY, a global leader in assurance, tax, transaction and advisory services, have announced a new collaboration on the rollout of a next-generation Blockchain settlement service that brings instant settlement and true DvP Delivery versus Payment to the gold market for the first time. EY has a strong track record of working with industry bodies in the London bullion market and will provide Paxos with services and consulting support. Paxos is a financial technology company delivering revolutionary Blockchain solutions for the financial services industry. Its flagship service is Bankchain TM , a next-generation Blockchain settlement platform that is transforming post-trade across capital markets. Bankchain delivers instantaneous settlement and greater automation, offering market participants reduced counterparty risk, lower capital requirements and increased operational efficiencies. For more information about Paxos and Bankchain, please visit paxos.
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- Wedbush Securities Joins Blockchain-Based Paxos Settlement Service
- Paxos Trust Company
- Instinet and Credit Suisse Conduct Same-Day Settlement of US Traded Stocks
- BofA Joins Paxos Blockchain Stock-Settlement Network (1)
- ABN Amro joins Paxos blockchain settlement service for US equities
- Credit Suisse and Paxos settlement service fires up on blockchain
Wedbush Securities Joins Blockchain-Based Paxos Settlement Service
Check your inbox or spam folder to confirm your subscription. Paxos, the first regulated blockchain infrastructure platform launched the Paxos Settlement Service for commodities. Paxos now facilitates the simultaneous settlement of cash and commodities trades, a first in the precious metals market. It delivers zero-risk settlement for commodities market participants with fully automated delivery versus payment DVP and streamlines settlement for both traditional and digital precious metals trades into one system.
Paxos Settlement Service is a multi-asset platform that is also live and settling trades on a daily basis in US equities markets. Our platform significantly reduces settlement risk and unlocks meaningful capital efficiencies that improve intraday liquidity. The Paxos Settlement Service for commodities revolutionizes institutional settlement and opens this high-value market to more participants around the world.
Outdated back-office infrastructure is an impediment to long-term value creation. Paxos is building a global network with critical functions like multilateral payment netting to bring more efficiency and automation to settlement.
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Paxos Trust Company
Today Paxos announced the launch of the Paxos Settlement Service for commodities. The blockchain-based solution enables the simultaneous settlement of both the cash and commodity legs of a trade or delivery versus payment DvP. In the SEC gave Paxos a no-action letter to operate the stock settlement service on a limited basis through October The solution offers both same-day and two-day settlement without an early cut off time for same-day. Paxos is a nationally chartered trust bank.
Instinet and Credit Suisse Conduct Same-Day Settlement of US Traded Stocks
Everyone is talking about Blockchain, but few have yet seen its real application in the banking sector. Since the initial launch in February, the first two participants, Credit Suisse and Instinet, have been using the technology to settle securities trades on a daily basis. The service represents the first live application of blockchain technology in the listed U. Paxo is a New York-regulated financial institution which the mission is to create a global, frictionless economy by building infrastructure that enable the movement between all types of physical assets and digital assets. Already today as the first regulated Trust company for digital assets, Paxos technology makes it possible to tokenize, custody, trade and settle assets. Paxos is one of the Blockchain players who want to bring financial players to modernize the financial system. The Paxos Settlement Service can reduce ongoing costs associated with settlement and unlock capital tied up in the legacy settlement system.
BofA Joins Paxos Blockchain Stock-Settlement Network (1)
Wedbush Securities, a leading independent financial services company in the country, is pleased to announce that it has joined the Paxos Settlement Service, the blockchain equity settlement network operated by the Paxos Trust Company. Paxos is the first regulated blockchain infrastructure platform using technology for tokenization, custody, trading and settlement of assets. Paxos Settlement Service is a private, approved blockchain solution that enables two parties to directly settle securities transactions bilaterally. This blockchain-enabled network is interoperable with the legacy clearing system and can facilitate settlement in every time cycle.
ABN Amro joins Paxos blockchain settlement service for US equities
The Paxos Settlement Service conducts trade-by-trade simultaneous delivery versus payment settlement of securities and cash for trades submitted to the Paxos Settlement Service for settlement, and provides same day settlement between the Participants. Though the range of services is initially limited, it tests the potential of blockchain for security settlements and may lead to fully-functional blockchain-based clearing and settlement systems. Of note, while the Paxos No-Action Letter represents limited SEC approval of distributed ledger record-keeping, it does not envision maintenance of a duplicate conventional record in parallel with the distributed ledger record. Paxos will establish and maintain procedures that are reasonably designed to ensure compliance with the above parameters. The Staff will closely monitor the Paxos Settlement Service through prior and same day notifications of certain events, quarterly and ad hoc reports, and documented findings related to the Feasibility Study No-Action Phase.
Credit Suisse and Paxos settlement service fires up on blockchain
Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy. In addition, the relief is designed to allow Paxos and the SEC staff to evaluate the potential benefits of the service prior to Paxos potentially deploying the service on a broader scale. Beyond the specific relief provided to Paxos, this No-Action Letter represents a potential path to the broader use of distributed ledger technology in the clearance and settlement of securities transactions. As described by Paxos in its Request Letter to the staff, the proposed use of distributed ledger technology could benefit market participants in a number of ways, such as offering more efficient settlement, the immediacy of access to settlement proceeds, greater data accuracy and transparency, operational efficiency, and increased auditability. The No-Action Letter allows Paxos to operate the "Paxos Settlement Service" as described herein for a two-year period without registering as a clearing agency under Section 17A b 1 of the Exchange Act.
Paxos Settlement Service is a private, permissioned blockchain solution built to allow 2 parties to bilaterally settle securities trades directly with each other. The platform is interoperable with the legacy clearing system and facilitates settlement on any time cycle. We are working hard to improve settlement for the benefit of all market participants.
The service uses a permissioned version of the Ethereum blockchain to enable two parties to settle transactions directly with each other. The exemption was issued in late October , providing a month window that only leaves another six weeks. It also limited the platform to seven participants and there are now six. Last week the DTCC outlined a roadmap to launch Project Ion , a blockchain solution aiming to shorten settlement times. It is designed for netted same-day settlement but also supports one-day and two-day settlement.
Paxos , the first regulated blockchain infrastructure platform, announced it has enabled silver, platinum and palladium on the Paxos Settlement Service for commodities and now services all precious metals. Paxos is the first company to facilitate simultaneous, zero-risk settlement of cash and commodities trades. By streamlining operations onto a single platform, institutional clients manage settlement of traditional and digital trades seamlessly from one system. The Paxos Settlement Service unlocks capital trapped in intraday settlement by facilitating simultaneous settlement of cash and commodities. It also offers long-term value by upgrading critical back-office infrastructure that has historically stalled growth of this trillion-dollar market. By introducing more assets and functionality to the platform, Paxos is transforming settlement and improving the daily workflow for our global clients. Paxos uses blockchain based solutions to drive innovation in financial market infrastructure.
Euroclear, a trusted provider of post-trade services, and Paxos, a financial technology firm providing pioneering blockchain solutions, are delighted to announce the successful completion of their second pilot for Euroclear Bankchain, the new blockchain settlement service for London bullion due to go live this year. Get FinTech news headlines, videos, stories and product reviews on your mobile device. Trends Impacting Compliance Technology in The first pilot program took place in December with over OTC test bullion trades settled on the Euroclear Bankchain platform over the course of two-weeks.
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