German Stock Exchange launches DLT-based operating model

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The Deutsche Börse (German Stock Exchange) and HQLAX have successfully initiated trading via their jointly developed distributed ledger technology (DLT) securities lending platform.

The blockchain-based system enables frictionless collateral swaps. The first live transactions were carried out by Commerzbank, Credit Suisse and UBS on the Eurex Repo F7-trading system. UBS and Commerzbank swapped ownership of a basket of German government bonds and a basket of corporate bonds, with Clearstream Banking S.A. acting as custodian. This was followed by a cross-custodian swap in which UBS and Credit Suisse exchanged ownership of a basket of corporate bonds at Clearstream Banking S.A. and a basket of German government bonds at Euroclear Bank without physically moving securities between the collateral agents. The change in ownership was recorded on a digital collateral registry built on Corda Enterprise, the commercial distribution of R3’s blockchain platform.  

The German Stock Exchange in Frankfurt sees the successful launch of the platform as a milestone in the implementation of DLT in the securities lending market. “The go-live of the HQLAX operating model demonstrates the power of innovation that DLT is already bringing to the financial services industry,” said Deutsche Börse Head of New Markets Jens Hachmeister. “It proves how new technology can successfully be combined with trusted market infrastructure – and the positive reception of the model in the market speaks for itself. We look forward to continuing our fruitful collaboration with HQLAX.”

(Source: Deutsche Börse)

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