| Customers: Japan Exchange Group (JPX)
Contractors: NEC Product: Projects based on blockchain technologyProject date: 2020/03
|
At the beginning of March, 2020 the Japanese exchange group, the owner of Tokyo Stock Exchange and Japanese depository center, announced start of a blockchain platform for exchange of securities after trade operations. The NEC corporation became the technology partner of the project.
The Japanese exchange group invited to participation in the project of the company on securities, asset managers, trust banks and service providers. The pilot project will be started within consortium from 44 members. Participants of alliance are many world brands, such as BNP Paribas, Citigroup, HSBC and Goldman Sachs, but most of them — the Japanese organizations, including Daiwa, Nomura, Nikko, MUFG, SBI and SMBC.
Increase in accuracy and efficiency of the processing of operational data including the adoption of transaction, updating of records about the owner, payment and delivery of securities became the purpose of implementation of a blockchain. The blockchain allows to solve the majority of the problems connected with post-operational data processing as provides transparency of transaction for both parties. Reducing time of clearing and calculation for transaction, the blockchain also provides a possibility of audit of transactions.
The Japanese exchange group not for the first time starts a blockchain project in cooperation with other Japanese financial institutions. Earlier the consortium already checked a possibility of application of a blockchain for standardization of data, comparisons of transactions and the cross-border securities trading. The new pilot project was initiated within the "Verification of the Concept of Use of Blockchain/DLT in Infrastructure of the Capital Market" program. The project will be implemented from April to October, 2020.
In Japan the set a blockchain initiatives, directed to tokenization, especially in the sector of bonds is also carried out. Nomura and NRI founded BOOSTRY joint venture, and MUFG created consortium on security research.[1]
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Notes
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