Singapore Bank DBS Completes Fixed Income Trade on JPMorgan's Blockchain Network Onyx
DBS (D05), Singapore's largest bank by market cap, said it has become the first Asian bank to use JPMorgan's (JPM) blockchain-based fixed income trading network Onyx, joining international heavyweights including Goldman Sachs (GS) and BNP Paribas (EPA).
The Onyx Digital Assets network uses tokens for short-term trading in fixed income markets, enabling investors to lend assets for a period of hours without them leaving their balance sheets.
Trades on the repurchase – also known as "repo" – market are for the most part backed by government bonds, making it a vital source of source of collateral for banks to fund their balance sheets.
The aim of the Onyx network is to allow banks to settle such transactions in a matter of hours, as opposed to the one or two working day-period it has taken historically.
Over $300 billion of intraday repo deals have been carried out on Onyx since JPMorgan launched it in 2020.
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