BNP Paribas Joins JPM's Blockchain Network Onyx for Fixed Income Trading: Report

The French bank will use the Onyx network for short-term fixed income trading.

AccessTimeIconMay 23, 2022 at 9:17 a.m. UTC
Updated May 23, 2022 at 2:40 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

French banking giant BNP Paribas (EPA) has joined JPMorgan's (JPM) blockchain-based network for fixed income market trading, according to a report by the Financial Times.

  • The Onyx Digital Assets network uses tokens for short-term trading in fixed income markets, enabling investors to lend out assets for as little as a few hours without them actually leaving their balance sheets.
  • Three quarters of deals on the repurchase - or "repo" - market are backed by government bonds, meaning it is one of the most important sources of collateral for banks to fund their balance sheets.
  • Some $300 billion of intraday repo deals have been conducted on the Onyx network since its launch in 2020.
  • JPMorgan and BNP Paribas were not available for comment at press time.
  • "We see this as part of our efforts to utilise the technology for the whole trading and operations lifecycle as the market evolves,” Joe Bonnaud, global markets chief operating officer for BNP Paribas said, in the report published on Monday.

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Jamie Crawley is a CoinDesk news reporter based in London.

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Jamie Crawley is a CoinDesk news reporter based in London.

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