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Goldilocks and Seeds of Wisdom
Citi Bank has developed a digital application utilizing blockchain infrastructure to price and execute bilateral spot foreign exchange trades. This digital mechanism is part of Project Guardian. It is a collaborative initiative by the Monetary Authority of Singapore and the financial industry.
The USD/SGD pair was tested and found to be successful. The application can be used for any fiat currency pair. This mechanism is currently not available to clients, but it is known to work.
© Goldilocks
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“The firm’s new product equips banks with a choice in post-trade FX messaging, and provides the security of a backup plan.”
CobaltFX is a part of United Fintech. It has launched a trade notification network as a backup plan for sending and receiving messages on Forex Trading in case of attempts at hacking and security breaches.
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This system will allow a trade to go through as an alternative to other means of messaging services in cross-border international trades on Forex
© Goldilocks
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Washington D.C., Nov. 16, 2023 —
Trade Announcement:
The Securities and Exchange Commission has adopted new rules to improve the governance of all registered clearing agencies by reducing the likelihood that conflicts of interest may influence their boards of directors or equivalent governing bodies.
https://www.sec.gov/news/press-release/2023-236
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HSBC Goes Live on Broadridge’s DLT Repo Platform – Markets Media
https://www.marketsmedia.com/hsbc-goes-live-on-broadridges-dlt-repo-platform/
Source: Dinar Recaps
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