Yesterday
BMO Capital Markets announced it had successfully executed a blockchain pilot for a fixed income issuance. The conventional transaction was mirrored on a blockchain platform.
Bank of Montreal is the issuer and the investor is the Ontario Teachers’ Pension Plan. The issuance was a CDN$250 million one year floating rate Deposit Note.
BMO said the goal was to test a next generation settlement system. Both parties were able to view the transaction on the blockchain and verify the term sheet data and payment amounts. The objective is to cut costs in multiple areas including compliance, reporting, security clearing, and settlement of cash transactions.
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