Nasdaq, SEB use blockchain to build mutual fund trading platform

Thursday 28 September 2017 08:49 CET | News

Nasdaq, an exchange group, has teamed up with Nordic financial services group SEB to test a blockchain-based mutual fund trading platform.

The platform aims to simplify and make the process faster on the Swedish market, by enabling fund companies, distributors and other market participants to record all transactions and changes to mutual trades in real time on a shared digital ledger. This makes tracking purchases and sales of fund units a complex administrative process involving various parties. Currently it is mainly handled through a mix of different technologies and is in part still paper-based.

Nasdaq, a large provider of technology for exchanges, has been one of the earliest and most vocal supporters of blockchain in the financial industry. It already uses it to power its market for shares of private companies and is testing a system to run proxy voting on the Tallin Stock Exchange.

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Keywords: NASDAQ, SEB, blockchain, Nordics, Sweden, exchange, mutual funds, trading platform
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies