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homerun token
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Paxos partnership with Bank of America will allow same-day deal

Bishop eL by Bishop eL
1 year ago
in News
Reading Time: 2 mins read
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Joining the Paxos Settlement Service could permit many Bank of America clients and customers to settle stock exchanges in minutes as opposed to days.
Paxos

The second-biggest bank in the United States is currently allegedly utilizing blockchain technology for settling stock exchanges.

As indicated by a Bloomberg report on Monday, Bank of America has joined Paxos Settlement Service, a platform equipped for same-day settlement of stock exchanges utilizing blockchain innovation. Kevin McCarthy, head of financing and clearing, said the bank.

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“has been conducting internal transactions for the past few months” and would offer the service to Bank of America clients upon approval as a clearing agency.

The move would reportedly allow for a “more flexible and speedier” stock settlement system compared with that of the Depository Trust & Clearing Corporation, or DTCC, in which Bank of America is a direct participant. The DTCC settlement time is roughly two days, whereas Paxos’ service is capable of settling some stock trades in minutes.

“We can determine the settlement cycle down to T+0,” said McCarthy. “We then can free up the collateral we’d have to post on an overnight basis. […] The return-on-assets in this business would improve, which has been a challenge.”

Paxos officially launched its settlement service for equity trades in 2019 after receiving no-action relief from the U.S. Securities and Exchange Commission. Credit Suisse, a Zurich-based financial institution, and Instinet, the trading arm of Nomura Holdings, both participated in the pilot, settling U.S.-listed stock trades on the same day.

The stablecoin administrator reported in April that it had applied for a clearing organization permit with the SEC. Paxos likewise recently finished a $300-million subsidizing round, which carried its valuation to $2.4 billion.

Tags: paxos

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