One of the world's largest commercial banks, BNP Paribas, will begin deploying smart contracts on DAML to develop real-time trading and settlement applications and services.
An important and renowned French bank, BNP Paribas Securities Services, announced a alianza with the company Digital asset to develop intelligent applications that provide reliable services in the stock markets in real time. The partnership will allow the French bank to connect with the world's largest exchanges and give participants easy access to technology-based trading and settlement operations blockchain or in distributed ledger technology (DLT).
The language of Smart contract (smart contract) DAML can be used by almost any trading and settlement platform, so through this, BNP Paribas Securities Services will be able to connect its securities services with several of the main exchanges and stock markets of the world. Major exchanges include the Australian Securities Exchange (ASX) and the Hong Kong Stock Exchange (HKEX).
In the statement published by Digital Asset, the company states that this language has all the potential to create new standards in international capital markets, which is why integrating applications based on DAML is a safe bet for the development and innovation of corporate actions.
“The new applications will provide Asia Pacific market participants with real-time access to the DLT-based trading and settlement platforms of the Australian Stock Exchange (ASX) and the Hong Kong Stock Exchange (HKEX).”
It may interest you: Tel-Aviv Stock Exchange (TASE) to launch blockchain-based platform for securities lending
Real-time workflow
According to the statement, with the new applications in DAML, participants and investors will be able to receive precise and real-time information about corporate actions, so they will be able to carry out their operations and movements in a reliable and accurate manner. The applications will also allow participants to receive information regarding purchase offer and reinvestment decisions, a fact that significantly improves investors' operational efficiency and reduces processing and operation times.
The launch of the first application based on this language is planned for 2021, and is a smart choice service solution for corporate actions. With this solution, all parties that make up the corporate action chain will receive information regarding the action, allowing investors to have accurate and updated data on all the influential factors within the international stock and capital market.
Likewise, with the new applications, BNP Paribas Securities Services will have all the potential to connect with the platform ASX CHESS+ and with the solution HKEX Synapse, which proposes an industrial utility with simultaneous communication flows and common definitions for different markets. Through the new application programming interface, the bank will enjoy continuous and real-time information flows.
Lastly, Jon Rout, Head of APAC Business Development for Digital Assets, said that the work being done with BNP Paribas will transform the way organizations design their post-marketing and custody functions. Likewise, Rout believes that the new DAML-based applications that the bank will implement will increase the scope of innovation and reduce risk in the markets.
About BNP Paribas Securities Services
BNP Paribas is an international bank based in Europe and France that was founded in 2000, as a merger between banks Banque Nationale de Paris (BNP) y Paribas. Since then, BNP Paribas serves more than 32 million individual clients globally and more than 1 million institutional, corporate and professional clients. It is a bank that offers asset services, clearing and custody, markets services and more.
With the introduction of DAML language applications, this bank has the vision of providing real-time post-trade information to clients and leveraging DAML smart contracts to automate client process flows. To this extent, the bank will have the potential to show the world how beneficial and transformative blockchain technology and DLT can be applied to financial and custody services.
Continue reading: Technological development and innovation: IBM supports the adoption of disruptive technologies such as blockchain
