2018-6-20 15:48 |
Stock exchange operator Nasdaq has successfully tested a blockchain-based Proof-of-Concept (PoC) that provides an efficient 24/7 securities collateral solution, according to a press release published Tuesday, June 19.
The new blockchain platform has been jointly developed by Nasdaq, ABN AMRO Clearing, EuroCCP and Euroclear, and aims to address the challenges facing Central Counterparties (CCPs) when it comes to making margin calls after stock exchange trading hours are over.
Margin calls are made when an investor who holds a margin account with a brokerage firm is required to deposit additional funds in order to satisfy a ‘maintenance margin’ – a minimum amount of equity – that serves as collateral against potential losses.
Derivatives clearance must be made in full compliance with European Market Infrastructure Regulation (EMIR), and clearing participants and CCPs are facing “significant” difficulties when making margin calls and securing collateral transfers after hours and across multiple time zones.
In April, the CEO said that if regulatory clarity will be forthcoming, “certainly Nasdaq would consider becoming a crypto exchange over time.”
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