Japanese exchange JPX creates digital subsidiary, including for blockchain – Ledger Insights
Japanese stock exchange yesterdayJPXannounced the creation of a new digital subsidiary JPX Market Innovation & Research, or JPX Research Institute for short. The operator of the Tokyo Stock Exchange will focus on data and index services, but will also include blockchain and distributed ledger technology. The activity will start in April 2022.However, the initial capital allocated to the subsidiary is only 100 million yen (less than $ 1 million).
JPX said he wanted to foster a different culture not limited by a traditional framework of exchange. “Changes in the external environment are happening rapidly, such as the move towards creating a market separate from traditional financial and capital market frameworks using new digital technologies such as blockchain,” the company said in a statement. .declaration.
Last year, the company was involved in a blockchain pilot project for the post-trade.
There are already several blockchain-based securities platforms underway in Japan, although most will not compete directly with JPX. And at this point, it’s not clear whether JPX Research will focus on blockchain for post-trade processes or on natively digital securities. The latter is the focus of several Japanese initiatives such as MUFG’s Progmat platform for security tokens and SBI’s Osaka Digital Exchange where SMBC, Nomura and Daiwa are also shareholders.
There is also Nomura’s BOOSTRY platform initially targeting bonds, where SBI has a stake, and SBI has previously used the platform for a security token offering. And Tokai Tokyo has partnered with Singapore’s blockchain securities platform ADDX to target the Japanese market. ADDX (formerly iSTOX) has been in production in Singapore for some time and is supported by the Singapore Stock Exchange SGX.
Meanwhile, outside of Japan, SGX has a Marketnode digital securities joint venture, in which many major banks participate. And SIX Switzerland launched its SIX Digital Exchange (SDX) last week.
All of these initiatives described natively target digital values. But some exchanges are focusing more on the post-market blockchain potential. Examples include ASX and its reimagined, blockchain-based post-trade platform CHESS, and HKEX. In the United States, DTCC plans to go live in 2022 for its blockchain-based equity settlement project, Project Ion.
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