SGSS and OFI AM complete first transactions on Paris market using blockchain
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SGSS and OFI AM complete first transactions on Paris market using blockchain 17 January 2018Paris Reporter: Jenna Lomax
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Societe Generale Securities Services (SGSS) and OFI Asset Management (OFI AM) have executed the first transactions via the IZNES platform on the Paris market.
The IZNES platform is based on the blockchain developed by startup firm, SETL.
Investor orders for the subscription and redemption of units in the fund managed by OFI AM were part of the first group of transactions.
According to SSGS, the trial showed the efficient integration of new technologies within the securities services business units and showed that distributed ledger technology will improve identification of holders and reduce the associated operational workload for those making trades.
Patrick Hobin, operations director at OFI AM, said: “We are delighted with the constructive collaboration we have had with the teams at SGSS, as depositary of undertakings for collective investment (UCI) units, leading to the success of these transactions.”
He added: “We believe that SGSS is one of the players best placed to support forthcoming technological changes, particularly via blockchain.”
Damien Jamet, head of innovation, motion & programs at SGSS, commented: “The SGSS teams were the first to execute this type of transaction on the Paris market. We are very proud of having been able to support this initiative, which creates numerous opportunities for our clients.”
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