Yesterday Axoni announced the addition of BlackRock as a user of Veris, the blockchain solution for equity swaps. Veris was launched in early 2020 with 15 sell-side and buy-side firms, including Citi and Goldman Sachs, which are also Axoni investors.
The solution enables all parties to confirm derivative trade terms at the outset and keep any changes and life cycle events synchronized, such as amendments, positions and cashflows.
“The Axoni platform will help us build scalability while mitigating risks in the investment life cycle beginning with equity swaps,” Mark Cox, COO of Global Investment Operations at BlackRock. “We see great potential in a distributed ledger network for uncleared derivatives as we continue to prove out this new area of innovation.”
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