–  Third, in the wake of expansion, diversification and integration of financial markets and the narrowing of differentials between rates of return in different currencies, there was a need for instruments that could impart flexibility to liquidity management in terms of timing, magnitude and accuracy.
Together with Deutsche Börse, we have developed a preliminary prototype for blockchain-based settlement. This prototype has the following capabilities: Settling payments based on blockchain technology, Transferring securities, Processing basic delivery-versus-payment transactions, where securities purchases are settled and paid for simultaneously, and Processing basic corporate actions, such as coupon payments on bonds and redemptions of maturing securities.