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BLOCKCHAIN

Credit Suisse and Instinet to use Blockchain Settlement Service for T+0 settlements

Credit Suisse and Instinet to use Blockchain Settlement Service for T+0 settlements
The Siliconreview
08 April, 2021

Credit Suisse and Instinet, leading financial services companies advising clients in all aspects of finance, across the globe and around the clock, is using blockchain technology platform from Paxos Trust Company to T+0 settlement and settling the US-listed equities trade.  The Paxos Settlement Service is described as a private, permissioned blockchain solution that is designed to allow parties bilaterally settle securities trades directly with each other,

The platform is interoperable with a robust clearing system and can facilitate settlement on any platform at any time cycle. This also marks the first live application of blockchain technology for the US equities market. It will enable the simultaneous exchange of cash and securities to settle their respective trades; Paxos Settlement Service has been settling trades for more than a year on the standard T+2 settlement timeframe.

Its settlement service has greater flexibility around the cycles, ranging from T+2 to T+0, optimized as per Credit Suisse and Instinet trading and asset management strategies. Additionally, Paxos will run a multilateral netting process in real-time to ensure efficient, transparent, robust, and fast net settlement of transactions. Their technologies provide custody, trading, and settlement services for assets. Paxos customers include PayPal, Credit Suisse, Sociètè Gènèrale, StoneX, and Revolut.