BNP Paribas Securities plans to improve its presence in the DLT ecosystem. It announced a new partnership with Digital Asset focused on designing and developing real-time trade and settlement apps. The new dApps will be built using DAML smart contracts.
The new dApps will be used to connect users to some traditional markets and exchanges. They will gain real-time access to future DLT-based trading and settlement platforms that major exchanges like the Australian Securities Exchange (ASX) and the Hong Kong Exchange (HKEX) will launch soon.
Thanks to the decentralized nature of DLT-based apps, users in the markets with no DLT integration will also be available to access real-time workflows.
BNP plans to launch the first product od the recent partnership in 2021. It will be a smart election service for enterprises. The DAML smart contract infrastructure will help corporate parties access real-time information and make decisions based on more reliable intel.
Luc Renard, Head of Financial Intermediaries Client Line & Digital Transformation APAC for BNP Paribas Securities Services, said:
“As a leading provider of custody and third-party clearing solutions in the Asia Pacific, BNP Paribas has an important role to play in ensuring market participants can fully capitalize on the smart contract technology that underpins the latest clearing, trading and settlement innovations. We are excited to lay the foundations of our direct connectivity to the ASX’s next-generation solution and the future phase of HKEX’s platform with our first DAML-based solutions. We believe that DAML has the potential to emerge as a new standard for international capital markets. As a platform-agnostic, smart contract language, it can be used by almost any trading and settlement platform an exchange might select.”
ASX and HKEX plan to provide more decentralized DLT-based services to customers. They will launch CHESS+ and Synapse services respectively, and BNP will be able to connect them using the new Ledger Application Programming Interface for real-time information flows.
This connection makes it easier for corporate clients to access valuable data for post-trade activities. The new plans can pave the way for more interconnected solutions between blockchain and traditional markets.
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