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Winston & Strawn LLP and BlockEx have teamed up to provide a cutting edge bond issuance platform

BlockEx has partnered with Winston & Strawn LLP, an international law firm, which will create standardised legal documentation templates which will form the basis of the smart contracts establishing bond issuances through the platform.

These standardised templates, which will cover approximately 90% of the documentation required [will dramatically reduce the time and costs for bond issuances. BlockEx has 12 new issues currently under due diligence vetting and the intention is for the first issue to be made in in [May] 2017.

BlockEx is leveraging its existing software to bring about enhanced automation to the entire lifecycle of a bond in order to reduce costs for market participants.

The BlockEx Digital Asset Platform is one of the few large scale production-ready Blockchain products and will be launching end of May 2017 with a full exchange, white label brokerage and debt origination tools that allows for full lifecycle management of Blockchain based financial assets.

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Blockchain in Trade Finance

Adding intermediaries into an equation or chain rarely translates into efficiency, but leads to costs, complexities and increases the risk of errors and missteps. The vast transactional chains in the financial industry serve the livelihoods of many providers across the entire ecosystem, yet it does not always benefit the end users and their commercials.

Core Challenges in Trade Finance

Trade finance is a notoriously cumbersome process dominated by intermediaries and it is an area of financial services which has made little progress in terms of automation. Settlement can take weeks depending on the jurisdictions involved in the supply chain, and the process is notoriously opaque. Instructions for remittances and verifications and approvals are often authorised with limited visibility into the transactional chain, which can lead to oversights and duplications.

It is often contingent on unique rules and mechanics across different countries, at conflicting levels of development. Many of these processes involve a host of intermediaries including entities which lie outside of financial services such as customs agents, health and safety inspectors, and transport groups.

Analysis by the Organisation of Economic Co-operation and Development (OECD) estimated 15% of the overall value of traded goods comprised of hidden costs, much of it a result of manual processes. The OECD added this translated into losses of $100 billion per year. At a time when revenues are under significant pressure, this is a huge sum.

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Blockex hires head of Capital Markets

Blockex hires head of Capital Markets

We are pleased to announce that James Godfrey has joined us to take up the role of MD, Capital Markets. James has over thirty years experience in the bond markets, leading and building up trading teams at UBS, Commerzbank, Nomura and Mizuho.

After years of development work on the BlockEx DAXP, the platform is now ready to launch. To help issuers leverage the power of Blockchain and access the BlockEx network, BlockEx is building a suite of origination tools  for or “asset creation tool with Bonds being the first product ready product. BlockEx is able to handle the entire lifecycle of a digital assets including origination. James thirty years of credit experience is the perfect fit for BlockEx. Shortly following the launch bond of the bond tool, BlockEx plans on launching other debt origination products.

Adam Leonard, CEO said “It’s exciting to know that BlockEx is able to attract someone as senior as James (a former MD of some the world’s most respected banks)  joining a fintech this gives a clear indication of where the emphasis is changing within the industry!, James’ credit trading experience is the perfect for fit BlockEx as we monetise nearly 3 years of development.

James Godfrey said, “This is a very exciting opportunity and although I am currently on the world’s steepest learning curve it feels good to be at the cutting edge and leading the charge towards more efficient global financial markets!”

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About BlockEx

BlockEx is a Digital Asset Platform created to handle the entire lifecycle of a digital asset. Enabling the Creation, Issuance, Servicing and Exchange of financial assets created using Blockchain. Customers include corporates, financial institutions, governments and retail traders.

The core of the BlockEx platform is the BlockEx Pooled Liquidity Exchange, a lightning quick HFT matching engine built to meet the needs of traditional banking institutions, governments retail trading, firms and retail traders. BlockEx tool kits include asset creation tools and brokerage software.

Built to be regulator-friendly with compliant business models, BlockEx self-regulates where regulation does not exist and works with regulators where it does. We are focused on becoming the Trusted Authority in the new banking world, powered by distributed ledger and cryptographic-based securities.

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ESMA Talks About Blockchain

Drum roll ladies and gentlemen, it finally happened! We finally saw a long awaited milestone in the European Blockchain regulatory scene and it just might become another kick start factor for the further development in the field. The European Securities and Markets Authority (ESMA) released a report called Distributed Ledger Technology Applied to Securities Markets build on the discussion paper released last year in June. The main European Union securities authority notes that Distributed Ledger Technology (DLT) also known as Blockchain technology could bring huge cost efficiency savings “notably, more efficient post-trade services, enhanced reporting and data management capabilities.”

More specifically, ESMA who provides supervision over Europe’s financial market and infrastructure foresees DLT as having a profound effect on CCPs and CSDs, but regulatory grey areas still remain grey. On one hand, there needs to be less on some regulatory regimes, but on the other, there needs to be new legislation to mitigate potential emerging risks when applying Blockchain technology to financial markets. The authority states that beyond financial regulation, other areas of law such as competition, contract and company law may hinder the immediate scalability of DLT.

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Blockchain in Insurance and Reinsurance

The reinsurance market is ripe for disintermediation and it is no surprise that it is one of the many sectors exploring how Blockchain technology can help enable efficiencies in what can often be a fragmented operating model. The insurance market is widely seen to be lagging behind banking in terms of technological innovation and adoption.

The insurance market as a whole is reliant on data supplied from multiple sources including the end client, broker, reinsurer and various service providers such as administrators and custodians. Analysis by PricewaterhouseCoopers (PwC) calculated Blockchain adoption in the reinsurance market, for example, would result in cost savings of up to $5 billion.

The PwC data highlighted that between 5% and 10% of premiums are derived from reinsurance expense ratios. The PwC study added Blockchain solutions could remove between 15% and 25% of expenses in the reinsurance industry. Integration of Blockchain could reduce the operational workload around data processing, by streamlining processing times and costs of placement.

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