New FinTech Applications in Bond Markets » ICMA

(Last Updated On: October 4, 2022)

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Dealing & Exchange Corp. (‘PDEx’) another PDS Group subsidiary that is a Philippine SEC-licensed Fixed Income Market Operator. The UnionBank issued Digital Bond is listed on the PDEx FI Market and secondary market transactions will occur on existing market infrastructure for trading to clearing and a newly built link from the clearing system to the PDTC Digital Depository to complete Delivery Versus Payment settlement. The project’s feature of interoperability was planned to allow PDEx Trading Participants and PDTC Depository Participants to seamlessly reap the benefits of the new digital market infrastructure while being supported by traditional market infrastructure and compliant with the regulatory framework. The Philippine Dealing System Holdings Corp. (‘PDS Group’) today announced the launch of a fully digitally native bond, issued on a distributed ledger technology (‘DLT’) network powered by Hashstacs Pte Ltd (‘STACS’), a Singapore-headquartered FinTech firm. The digital bond was issued by the Union Bank of the Philippines (‘UnionBank’) for PHP 11.00 billion or approximately USD 210 million and priced at 3.25% p.a. The POC was designed to facilitate the growth of the bond marketplace at the Labuan Financial Exchange (“LFX”) by harnessing the opportunities afforded by blockchain technology and the tokenisation of assets. It was executed via three different methodologies which were ‘Industry Driven’, ‘Lean-Agile’ and ‘Technology Interaction’.

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Unlike private cryptocurrencies such as bitcoin, a CBDC would be issued and backed by the Federal Reserve, just like U.S. paper dollars and coins. With this prototype, DTCC, in partnership with The Digital Dollar Project , aims to demonstrate the direct, bilateral settlement of cash tokens between participants in real-time delivery-versus-payment settlement. Unlike in traditional settlement, there will be no actual movement of securities between custody accounts on the HQLAx target operating model. Instead, tokens will be transferred while the underlying securities will be kept off-blockchain and remain static.

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The service will provide a safe environment for issuing and trading digital assets, and enable the tokenization of existing securities and non-bankable assets to make previously untradeable assets tradeable. Commerzbank, Deutsche Börse and MEAG, the Asset Manager of Munich Re and ERGO, have reached a further step in examining the scope of distributed ledger technology in post-trade services. The partners successfully completed the settlement of a legally binding secondary market securities transaction via tokens; Commerzbank further used the tokenized cash as collateral at Eurex Clearing as Central Counterparty. The prototype scenario reflected a delivery-versus-payment transaction and the transfer of tokenized cash, aiming on exploring the potential of various comprehensive services leveraging distributed ledger technology.

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This combination of features primarily aims at providing enhanced security and operational efficiency. The platform opens the door for similar bond issues in Spain and Latin America and the Caribbean. Since February 2022, BME, BBVA, IDB and ioBuilders have been building this pioneering blockchain platform that can be used to register bonds issued on a regulated market, trade them on the secondary market and manage their life cycle. The operation used smart contracts to distribute, best blockchain companies buy and sell, and settle bonds, as well as for corporate events, with electronic money tokenized by BBVA for managing cash over the life of the bonds. Blockchain development companies play a central role when it comes to carrying out cryptocurrency applications because they provide fast data transfer, secure transactions, and transparency. If you wish to know how to buy cryptocurrency, you first need to know which are the top blockchain development companies to work with.

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• The crypto trading venue is open to both private and institutional investors and facilitates order opportunities comparable to securities trading.
• In the next phase, the infrastructure will expand to support all different government bonds, both retail and wholesale, to fully served demand of all stakeholders.

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This solution addresses significant business challenges and inefficiencies related to the current provision of collateral to Central Counterparties and has demonstrated that a shared, resilient network can be built between collateral givers, collateral takers and intermediaries. […] The underlying collateral transfers were processed by Euroclear’s Central Securities Depository, ensuring settlement finality and regulatory compliance. Deutsche Bundesbank and Deutsche Börse have successfully completed the performance tests of their jointly specified prototypes for securities settlement based on blockchain technology. The prototypes support the settlement of securities transactions, payments, interest payments and repayments at the maturity of a bond.

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This pilot transaction comprised a EUR 100,000 issuance volume with a five-day term. The transaction included Bank of Montreal as the issuer and Ontario Teachers’ as the buyer of a CDN$250MM 1-year floating rate Deposit Note, making it the first Canadian dollar fixed income issuance demonstrating the viability of blockchain platforms. The 3 and 5.25-year dual tranche issuance totalling PHP 9 billion by UnionBank was successfully mirrored on the platform co-created by UnionBank and SC Ventures, the innovation and ventures arm of Standard Chartered.

Three UK FinTechs, in collaboration with two major European banks, today announced the successful completion of a pilot proof of concept involving the issuance of a tokenised security on a public blockchain, with the payment leg conducted through a new, DLT-enabled payments system. Fnality also partnered with Adhara – a leading software company that provides real time, multi-currency, liquidity management and international payment solutions – to facilitate the payment leg via the creation of an Ecosystem TestNet.

Blockchain solutions streamline the system of treasury bonds for critical ecosystem stakeholders such as issuers, underwriters, registrars and investors – becoming a totally immutable network – minimizing redundant validations of bond transactions. The transaction life cycle recorded in this way will lead to increased understanding and shall continue Coinfirm’s mission of powering the mass adoption of the technology. 2020 was a record year for the sale of treasury savings bonds in Poland, amounting to a total of 28.4 billion PLN (~5.6 billion GBP) – an increase of 64.1% from 2019. All retail bonds offered by Poland’s Ministry of Finance are organized by the issuance agent PKO Bank Polski. The experiment will explore cross-border settlement with two wholesale CBDC and a French digital financial instrument on a DLT platform. It will involve the exchange of the financial instrument against a euro wholesale CBDC through a delivery versus payment settlement mechanism and the exchange of a euro wholesale CBDC against a Swiss franc wholesale CBDC through a payment versus payment settlement mechanism.

Author: Romain Dillet