BNP Paribas’ securities arm has partnered with Digital Asset to develop a number of real-time trading and settlement applications using DAML contracts. ad September 15.
The new applications driven by DAML will connect BNP Paribas Securities Services to major global stock exchanges such as the Australian Securities Exchange (ASX) and the Hong Kong Exchange (HKEX).
The applications will provide market players in the Asia-Pacific region with real-time access to future ASX and HKEX blockchain-based trading and settlement platforms. BNP Paribas will connect specifically to the ASX blockchain-based equity trading platform known as the Clearing House Electronic Subregister System, or CHESS.
In addition to connecting various blockchain-based platforms, the new DAML applications will also be available to customers in markets that have not integrated distributed ledger technology, the announcement notes.
One of the applications includes a smart election service for corporate actions. Due in 2021, the app is designed to provide instant access to all data in the securities trading chain such as dividend reinvestment or takeover bid decisions. It should reduce processing times and improve operational efficiency, as well as enable investors to make decisions based on the most relevant market data.
Introduced in April 2016, DAML stands for Digital Asset Modeling Language and is an expressive language designed for financial institutions to model and execute agreements via DLT and smart contracts.
ASX and HKEX have both become partners in digital assets. In 2019, ASX and Digital Asset signed a memorandum of understanding stating that the exchange will support DAML as part of its CHESS blockchain ledger. As noted, the ASX CHESS system is coming in 2021.
In October 2018, HKEX partnered with Digital Asset to speed up post-trade processes and reduce settlement risk.
The DAML smart contract language sees increased implementation in leading global blockchain initiatives. On September 14, China’s national blockchain project, the Blockchain Services Network, announced DAML’s support to develop decentralized applications on its platform. In early September, Singapore’s leading investment holding company, Singapore Exchange, issued its first digital bond powered by DAML.
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