CBA, JPMorgan, ASX and HQLAX form consortium for RBA's tokenised asset market pilots
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The RBA has chosen CBA, J.P. Morgan, the Australian Securities Exchange (ASX) and HQLAX including its Trusted Third Party Deutsche Börse Group as part of Project Acacia to evaluate how digital currencies and digital collateral records could deliver greater efficiency and liquidity with lower risk in the strategically important repo market. The project will leverage Kinexys Digital Assets, J.P. Morgan's multi-asset tokenisation platform, CBA's Digital Assets Platform, HQLAX collateral mobility solution and the local expertise of ASX.
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The 'repo' market is a critical and growing component of the Australian financial system.
Repos play a vital role in the economy by:
Providing essential short-term funding for banks and financial institutions
Enabling the Reserve Bank of Australia to implement monetary policy
Facilitating liquidity management across the financial system
Supporting the efficient functioning of government bond markets
"We're very pleased to bring together globally recognised digital asset leaders and critical financial markets infrastructure providers to explore how digital currencies and tokenisation can ensure the global competitiveness of Australia's financial markets,' said Sophie Gilder, CBA's Managing Director of blockchain and digital assets.
'The repo market, with its critical role in liquidity management and monetary policy implementation, represents an ideal starting point for this exploration.'
'We are pleased to join with CBA, ASX and HQLAX to explore how Kinexys, J.P. Morgan's industry-leading blockchain business unit, can contribute to the efficiency of Australia's financial markets,' said Bianca Bates, head of J.P. Morgan Payments in Australia and New Zealand.
'As one of the first bank-led blockchain platforms, we have delivered many industry firsts, from programmable payments for corporate clients to instant settlement between U.S. dollars, euros and British sterling. Since inception, Kinexys has processed over U.S.$2 trillion in transaction volume.'
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