BETTING ON BLOCKCHAIN: Rabobank, Concord, PGS complete first physical repo trade

A consortium including Dutch bank Rabobank, international trading firm Concord Resources and warehousing firm PGS has completed its first physical repo trade using a new blockchain platform.

Working with insurer AON and software developer Gen10, the trade involved an aluminium position stored at PGS to be sold and re-purchased by Concord to and from Rabobank, a large trade finance and repo institution, over the platform. The Concord aluminium billets, which were stored in a PGS warehouse in Delfzijl, the Netherlands, were traded with Rabobank in London. The trade took fewer than five minutes and was completed remotely from a mobile phone. Because it involved directly connecting systems used by Concord and PGS, no re-keying of information was required....

Published

Andrea Hotter

October 28, 2019

08:30 GMT

New York