SEB and Nasdaq to Build Blockchain for Swedish Mutual Fund Market
(Thomson Reuters ONE) -
STOCKHOLM, Sweden, Sept. 27, 2017 (GLOBE NEWSWIRE) -- SEB, the Nordic financial
services group, and Nasdaq, Inc. (Nasdaq:NDAQ) have announced a joint project to
test a developed prototype for a mutual fund trading platform based on
blockchain technology. The aim is to increase efficiency in the processing of
purchases and sales of fund units and to create a unit ledger - an area which
today is largely characterized by manual routines, long settlement cycles and
paper driven processes.
"With the help of a blockchain we can create a faster, simpler, more effective
and reliable fund market," said Göran Fors, acting head of Investor Services at
SEB. "Funds are increasingly important for our clients and it is with great
pleasure that we can announce this important project together with Nasdaq."
"By leveraging blockchain technology there is strong potential for improvement
via digitalization that can reduce manual work, create a faster process and
reduce the risk for errors," said Magnus Haglind, SVP & Head of Product
Management, Market Technology, Nasdaq. "This development will look to benefit
the fund market and, in the end, also the individual investors through faster
response from purchases and sales."
The concept of the project indicates that, by subscribing to a private
blockchain, the various market participants-fund companies, distributors and
others-will be able to share a distributed database in which all transactions
and changes are registered among all participants in real-time. The cooperation
agreement entails that SEB and Nasdaq will continue to develop the technology
with the end goal of creating a working prototype, which will be based on
the Chain.com blockchain ledger. In addition, the two parties have opened a
channel for collaboration with additional interested parties on building a
uniformed market infrastructure for Sweden''s fund market.
In contrast to the equities market, which relies on a Central Securities
Depository (CSD), the Swedish fund market lacks a central, primary point for
registering holdings. This means that the administration of purchases and sales
of fund units are handled through an intermediary or directly with each
executing party. Since a chain can consist of many links - for example, when a
customer via a Swedish bank buys units in a foreign fund company - a relatively
large administrative process arises. This is handled today through a combination
of different technical solutions, including orders placed by paper driven
processes and follow-up phone calls.
Nasdaq''s market infrastructure technologies, including trading, real-time risk,
index, clearing, CSD and market surveillance systems are operated in more than
100 marketplaces, regulators, clearinghouses and central securities depositories
across the Americas, Europe, Asia, Australia, Africa, the Middle East and the
Caribbean.
About Nasdaq
Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading, clearing, exchange
technology, listing, information and public company services. Through its
diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and
execute their business vision with confidence, using proven technologies that
provide transparency and insight for navigating today''s global capital markets.
As the creator of the world''s first electronic stock market, its technology
powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world''s
securities transactions. Nasdaq is home to 3,800 total listings with a market
value of $11 trillion. To learn more, visit: http://business.nasdaq.com
About SEB
SEB is a leading Nordic financial services group with a strong belief that
entrepreneurial minds and innovative companies are key in creating a better
world. SEB takes a long term perspective and supports its customers in good
times and bad. In Sweden and the Baltic countries, SEB offers financial advice
and a wide range of financial services. In Denmark, Finland, Norway and Germany
the bank''s operations have a strong focus on corporate and investment banking
based on a full-service offering to corporate and institutional clients. The
international nature of SEB''s business is reflected in its presence in some 20
countries worldwide. At 30 June 2017, the Group''s total assets amounted to SEK
2,777 billion while its assets under management totaled SEK 1,835 billion. The
Group has around 15,000 employees. Read more about SEB at www.sebgroup.com
For Media Inquiries:
Nasdaq
Ryan Wells (International Media)
ryan.wells(at)nasdaq.com
Mobile: +44 (0) 7809 596 390
Ulrika Andersson (Swedish Media)
ulrika.andersson(at)nasdaq.com
Mobile: +46734496852
David Augustsson (Swedish Media)
david.augustsson(at)nasdaq.com
Mobile: +46734496135
SEB
Frank Hojem, Head of Media Relations
frank.hojem(at)seb.se
Mobile: +46707639947
- NDAQG -
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nasdaq via GlobeNewswire
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Datum: 27.09.2017 - 03:00 Uhr
Sprache: Deutsch
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