France’s Caceis, a custody bank and asset servicer, has joined a project to develop a post-market blockchain infrastructure in Europe.
Caceis has signed an investment agreement for the project, which involves eight financial institutions in total.
The project centres on the small-to-mid-cap company segment with the aim of increasing market access for these companies and making post-market operations more secure.
Launched in June 2016, other major asset servicing and clearing providers involved include BNP Paribas Securities Services, Euroclear and Societe Generale.
The initiative was launched in anticipation of a new regulatory framework in France providing for the issue and distribution of financial securities using blockchain technology. Blockchain has the capacity to improve and simplify the chain of post-trade operations.
Jean-François Abadie, CEO of Caceis, said: “This promising project combines a wide range of experience and expertise that is appropriate to its ambition to help drive the process of transforming the post-market environment.”
Other members of the project are Caisse des Dépôts et Consignations, Euronext, S2iEM and the project has the support of Paris Europlace.
©2017 funds europe