BlackRock to Use Axoni Blockchain for Equity Swaps

Citi and Goldman Sachs already use Axoni’s platform.

Sep 8, 2021 at 7:03 a.m. UTC
Updated Sep 8, 2021 at 1:55 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

BlackRock will join Axoni’s Veris blockchain network to manage equity swap trades, according to a statement by Axoni.

  • Using Veris, parties can match and confirm trade terms upfront, and match and reconcile post-trade data after a stock swap, Axoni said.
  • The world’s biggest asset manager is joining Citi and Goldman Sachs, among others, on the network. The two financial juggernauts also invested in New York-based Axoni in its Series A and B, respectively.
  • BlackRock will initially use Axoni’s software internally by integrating it with its own operating system, Aladdin, the press release said. The asset manager aims to make Veris available to its own clients in the future, according to the statement.
  • Starting with equity swaps, Axoni will help BlackRock build ”scalability while mitigating risks in the investment life,” said the asset manager’s COO of Global Investment Operations Mark Cox.
  • BlackRock will significantly improve the Veris network’s efficiency “by driving adoption of standardized post-trade swap data models and workflows,” said Carl Forsberg, head of OTC markets at Axoni.
  • The market for equity forwards and swaps is close to $3.6 trillion, Bloomberg reported, citing Bank of International Settlements data.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Trending

1
First Mover Asia: USDC Hasn’t ‘Flippened’ USDT, but Trader Preferences Are Changing; Cryptos Rise Despite Bearishness

A Glassnode analyst suggests the collapse of the UST token has triggered a change in investors' stablecoin preferences; bitcoin holds above $30,000.

A Glassnode analyst suggests the collapse of the UST token has triggered a change in investors' stablecoin preferences; bitcoin holds above $30,000.

2
Musk Sets New Condition for Twitter, Citi Says Terra’s Fallout Unlikely to Hit Wider Financial System

The most valuable crypto stories for Tuesday, May 17, 2022.

The most valuable crypto stories for Tuesday, May 17, 2022.

3
Market Wrap: Cryptos and Stocks Mixed Amid Bearish Sentiment

BTC is stabilizing around $30K while stock market volatility begins to fade.

BTC is stabilizing around $30K while stock market volatility begins to fade.

4
New Data Shows Underground Bitcoin Mining Thriving in China

The U.S. has also expanded its lead in the global hashrate competition.

The U.S. has also expanded its lead in the global hashrate competition.