Last week, the Japan Exchange Group (JPX), owner of the Tokyo Stock Exchange, and the Japan Securities Depository Center said they are planning to pilot a blockchain platform for sharing securities post-trade information. NEC Corporation is the technology partner for the project.
While the pilot participants have yet to be settled, the project will be run as part of a 44 member consortium. Alliance participants include many global brands such as BNP Paribas, Citigroup, HSBC, and Goldman Sachs. But the majority are Japanese institutions, including Daiwa, Nomura, Nikko, MUFG, SBI and SMBC.
The aim is to improve the accuracy and efficiency of post-trade processing, which includes approving the transaction, updating ownership records, payment, and delivery of the security. If a broker is also involved, it increases the chance of errors in the trade.
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