BlackRock Uses Axoni Blockchain For Equity Swaps – Bits Media

International investment firm BlackRock joins Axoni-developed Veris blockchain to manage stock swap transactions.

According to Axoni's statement, using the Veris blockchain, the parties to the transaction can agree and confirm trading conditions in advance, but also collate and reconcile data after an equity swap.

BlackRock will use Veris to execute these swaps. Earlier this year, Citi and Goldman Sachs also conducted the first online equity swaps..

BlackRock will initially use Axoni software internally, integrating it with its Aladdin operating system. In the future, BlackRock plans to make swaps in Veris available to its clients.

According to BlackRock COO Mark Cox (Mark Cox), Axoni will help the company achieve "scalability, while simultaneously reducing the risks of investment operations.”

As noted by the head of the OTC markets department at Axoni, Karl Forsberg (Carl Forsberg), BlackRock will significantly increase the efficiency of the Veris network, "driving the adoption of standardized data models in post-swap workflows".

Recall, what else in 2017 group of large financial companies, including JPMorgan Chase, Goldman Sachs, BNP Paribas, Credit Suisse и Citi, tested security swaps on the Axoni blockchain.

According to a recent report from BlackRock, the company also invested $383 million to American mining companies.