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Seeking Alpha 2021-12-06 16:53:08

State Street, Vanguard, Symbiont finish live trade of FX forward contracts using blockchain



State Street Digital (NYSE:STT), in collaboration with Vanguard and Symbiont, complete the margin calculation process for a live trade of a 30-day foreign exchange forward contract through the use of Assembly, Symbiont's distributed ledger technology. The ultimate goal is to bring post trade workflow automation and efficiencies while reducing counterparty risk in the over-the-counter currency market, the companies say. Deploying these contracts on DLT facilitates more frequent and automated valuations, while also allowing parties in the network to move and settle collateral instantaneously. Shares of STT rise nearly 4% intra-day. In mid-November, State Street expanded academic partnerships to accelerate crypto and macro research.

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