{"id":5393,"date":"2018-03-03T01:39:15","date_gmt":"2018-03-03T01:39:15","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=5393"},"modified":"2018-03-13T00:20:13","modified_gmt":"2018-03-13T00:20:13","slug":"banks-complete-e25-million-securities-lending-trade-blockchain","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/banks-complete-e25-million-securities-lending-trade-blockchain\/","title":{"rendered":"Banks Complete \u20ac25 million Securities Lending Trade On Blockchain"},"content":{"rendered":"<p><img decoding=\"async\" class=\"size-full alignleft\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/03\/credit-suisse-and-ing-groep.jpg\" alt=\"\" width=\"300\" \/>Two major European banks, Credit Suisse Group AG (CSGN.S) and ING Groep NV (INGA.AS), <a href=\"https:\/\/www.reuters.com\/article\/us-blockchain-securities\/banks-complete-25-million-euros-securities-transaction-on-blockchain-platform-idUSKCN1GD4D1\">have successfully executed<\/a> a \u20ac25 million ($30.48 million) securities lending transaction using block chain technology based software. The transaction is an example of real-world use of block chain technology in the field of capital markets.<\/p>\n<p>Traditional securities lending trade can take several days to complete. With the use of block chain technology, the trade was completed instantaneously. The application for the securities lending was created by a financial technology company HQLAx. The app was built over the <a href=\"https:\/\/www.legitgambling.com\/cryptocurrency\/exchange\">blockchain<\/a>, known as Corda, created by New York-based <a href=\"https:\/\/www.r3.com\/\">R3, a consortium of over 100 financial institutions.<\/a><\/p>\n<p>Following the successful completion of the transaction, Herve Francois, a blockchain initiative lead at ING expects the transaction to go live by the year-end.<\/p>\n<p><strong>Charley Cooper, a managing director at R3 <\/strong><\/p>\n<blockquote><p>\u201cThis was far more than a proof of concept in a fenced lab. These are regulated institutions in a real market and it is a unique demonstration that blockchain solutions are being deployed in commercial settings.\u201d<\/p><\/blockquote>\n<p><strong>Emmanuel Aidoo, head of distributed ledger and blockchain strategy at Credit Suisse<\/strong> said<\/p>\n<blockquote><p>\u201cThe platform gives us an opportunity to make balance sheet and capital usage much more efficient and timely.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Two major European banks, Credit Suisse Group AG (CSGN.S) and ING Groep NV (INGA.AS), have successfully executed a \u20ac25 million ($30.48 million) securities lending transaction using block chain technology based software. The transaction is an example of real-world use of block chain technology in the field of capital markets. Traditional securities lending trade can take [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[],"class_list":["post-5393","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banks Complete \u20ac25 million Securities Lending Trade On Blockchain<\/title>\n<meta name=\"description\" content=\"Credit Suisse Group and ING Groep NV have successfully executed a \u20ac25 million ($30.48 million) securities lending transaction using blockchain technology based software. 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