R3 signs partnership with securities exchange Archax
London-based securities exchange Archax has announced a partnership with enterprise blockchain firm R3 which will see it utilising R3’s Corda Enterprise platform for post-trade.
Archax will use R3’s Corda technology to build its post-trade infrastructure with an aim of reducing friction in the post-trade process.
The firm, which provides a digital securities exchange to both institutional and professional investors, has applied to operate a multilateral trading facility (MTF) in London. The application is currently being considered by the Financial Conduct Authority (FCA).
“Our existing systems and partnerships with firms like Aquis provide the core functionality for our exchange,” says Graham Rodford, CEO of Archax.
“R3, with its Corda product, provides the final piece of the puzzle on which we can build a truly revolutionary post-trade solution.”
He adds: “Although Archax is blockchain agnostic for digital security issuances, we needed an institutional-grade system for our own post-trade use.”
Cathy Minter, chief revenue officer at R3, says that Archax is building “one of the most credible venues for these tokens and will play a key role in driving institutional adoption.” She adds that Corda Enterprise is ideally suited for this project.
“The current post-trade process in traditional financial markets is hugely inefficient, with many intermediaries involved. This partnership between R3 and Archax will enable us to revolutionise the current post-trade space, removing friction and streamlining activities to improve efficiency and reduce cost.”