Yesterday BNP Paribas Securities Services (BNPPSS) and Eastspring Investments, a Prudential subsidiary, announced they implemented a blockchain solution for exchange-traded derivatives (ETD) developed by Singapore fintech Hashstacs.
Hashstacs developed the Mercury Platform, which enables counterparties and service providers to share a single data source about trades. In the case of derivatives, broker fee calculations result in a significant proportion of trade breaks or discrepancies. That, in turn, means a lot of time is spent in reconciliations and resolving differences.
The first version of Mercury launched in June 2020, and it’s claimed that within a month, Eastspring and BNPPSS witnessed an 84% reduction in discrepancies, four hours a day less reconciliation, and fewer clients reporting errors.
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