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Finance & Economics

ING invests in securities lending platform

Mar 10, 2020

ING teamed up with HQLAx in 2018 to carry out the first-ever blockchain-based live securities trade

securities lending platform

ING invests in securities lending platform. Source: shutterstock.com

ING announced it has invested in securities lending platform HQLAx. The bank’s team developed the initial blockchain-based version of the HQLAx app, facilitating efficient and high-speed trading of high-quality liquid assets.

Together with Credit Suisse, ING bank swapped €25 million worth of high-quality liquid assets using the collateral lending application of HQLAx on R3’s Corda distributed ledger platform.

Besides, banks are mandated to have high-quality liquid assets to meet the Basel III regulatory framework requirements. These are assets that can easily be converted into cash without losing their value.

HQLAx enables market participants to redistribute their collateral by exchanging the ownership of tokenized securities on Corda’s blockchain platform, which no longer requires the underlying securities to move across users. This removes settlement barriers and improves collateral fluidity, which in turn allows users to manage their liquidities easier, faster and more efficiently
Mariana Gomez de la Villa, head of ING’s blockchain team

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Tags: # ING Group

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