Deutsche Börse, a German capitals market, has taken the bold step of exploring the use of blockchain technology.
According to reports, the exchange has established a department for “DLT [distributed ledger technology], crypto assets and new market structures” in an attempt to harness the potential of blockchain technology. The department of DLT is currently made up of a 24-man team led by Jens Hachmaster, who serves as its managing director.
The company has been planning on exploring blockchain technology. According to Hachmaster, “Deutsche Börse has been active with the technology in a first phase of ideation and exploration… However, these explorative steps have not been coordinated on a group wide level. In order to use the full potential of the technology for our business, to generate efficiencies and create revenues, a centrally steered approach is necessary.”
Deutsch Börse has also partnered with some securities depositories for the production of a blueprint of a securities settlement based on the blockchain for Deutsche Bundesbank. Hachmaster confirmed this development, saying, “We have invested in various institutions to create a sound understanding of the trends, the technology and it’s potentials within the traditional segment of our value chain.”
The project is in partnership with blockchain-based liquidity provider HQLAx. The proposal was to build an operating paradigm for security lending transactions, thereby facilitating a tour de force using blockchain technology developed by the R3 consortium.
This collaboration between Deutsche Börse and HQLAx has been expanded following the German capitals market’s initial “single-digit million euro” investment in HQLAx. As a result, the Deutsche Börse Group was given two board seats at HQLAx, filled by Hachmaster and Philippe Seyll.
Speaking about the development, Seyll noted, “It will allow market participants to redistribute collateral liquidity more efficiently by improving interoperability pools of securities residing in multiple, disparate settlement systems and locations.”
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