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The pilot was managed by Axoni and executed on AxCore, Axoni’s distributed ledger software. A continuation of an initial proof of concept, the pilot expanded the blockchain network to process equity swap lifecycle events, end-to-end. Having both sides of a swap transaction on the same ledger allows counterparties to simultaneously view and share data during the entire lifecycle of the swap – from proposal to termination.
he broad participant group included seven swap market participants from both the sell-side and buy-side including: BNP Paribas (EPA: BNP), Citi (NYSE:C), Credit Suisse (NYSE:CS), Canada Pension Plan Investment Board, Goldman Sachs (NYSE: GS), J.P. Morgan (NYSE:JPM) as well as industry service providers IHS Markit (NASDAQ: INFO) and Thomson Reuters (NYSE: TRI). ISDA provided equity derivatives documentation expertise and Capco provided consulting services. Adam Herrmann, Global Head of Prime Finance at Citi, said, “Citi is pleased with the results of another successful equity swap pilot with Axoni. The contribution from investment managers to this effort signifies AxCore’s potential to add value end-to-end. Fewer valuation disputes, less reconciliation and real-time access to data would benefit all of the industry.”
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