A consortium including Dutch bank Rabobank, international trading firm Concord Resources and warehousing firm PGS has completed its first physical repo trade using a new blockchain platform.
Working with insurer Aon and software developer Gen 10, the trade involved an aluminium position stored at PGS to be sold and re-purchased by Concord to and from Rabobank, a large trade finance and repo institution, over the platform.
The trade took fewer than five minutes and was completed remotely from a mobile phone. Because it involved directly connecting systems used by Concord and PGS, no re-keying of information was required.
