Societe Generale has processed its first blockchain transaction executed on the Paris market with OFI Asset Management, the latest milestone in applying the technology to the trading world.
Through Societe Generale Securities Services (SGSS), the trial fund transaction was executed on the IZNES platform using blockchain technology developed by SETL.
SGSS acted as the depository for the transaction, and registered with Euroclear France.
“The SGSS teams were the first to execute this type of transaction on the Paris market. We are very proud of having been able to support this initiative, which creates numerous opportunities for our clients,” explained Damien Jamet, head of innovation, motion and programmes, SGSS.
Last week, BNP Paribas Securities Services completed its first full end-to-end fund transaction with its asset management business using blockchain technology, via the Luxembourg Stock Exchange’s Fundsquare.
Asset managers and securities services providers hope to use blockchain to improve identification of holders and reduce operational workloads with placing orders.