Societe Generale announced plans to accept tokenized collateral as margin for its Prime Services clients and act as counterparty in tokenized repo transactions on the Canton Network. To date most of the bank’s blockchain activities have been via its digital asset subsidiary SG-FORGE, which also plans to deploy its EURCV and USDCV stablecoins on Canton. But the parent bank is taking the lead in today’s announcement.
“We are convinced that a public blockchain with configurable privacy, such as Canton Network, provides the right framework to bring greater efficiency to margin calls, collateral management and risk management,” said Salim Nemouchi, Head of Equity Derivatives Americas and Global Head of Prime Services at Societe Generale.
The move is not surprising. In 2022 SocGen started using Broadridge’s Distributed Ledger Repo (DLR) solution, which now processes around $8 trillion in monthly transactions. Broadridge has used Canton technology for years, although initially only on private instances. Last year Broadridge’s technology was used by the bank to issue a digital bond on the public Canton Network. The bank has also participated in several Canton Network repo trials.
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