logo
Plus   Neg
Share
Email

HSBC Says Blockchain Helps In Forex Trading Cost-cutting

hsbcblockchain-feb15-lt.jpg

Asia-focused lender HSBC, through its blockchain-powered platform, has reduced the cost of settling foreign exchange trades by 25 percent, Reuters reported quoting a bank executive overseeing the project.

Mark Williamson, chief operating officer of FX cash trading and risk management, told that the bank processes between 3,500 and 5,000 trades a day on its "FX Everywhere" system, settling trades worth $350 billion.

The bank did not disclose the volume or value of forex trades settled by traditional processes, but said those settled on the blockchain platform represented a small proportion.

In mid January, HSBC had reported that it settled $250 billion worth of forex trades using blockchain since February last year. HSBC settled over 3 million forex trades and made over 150,000 payments using the distributed ledger technology.

For comments and feedback contact: editorial@rttnews.com

Follow RTT