The exercise between Credit Suisse and Nomura's Instinet demonstrated the ability for firms to execute and settle US equities trades conducted throughout the day.
The two firms stated they observed an 84% reduction in trade breaks and a significant reduction in non-value-added reconciliation work through the platform.
Axoni’s has raised a total $90 million, with existing investors Citi, Goldman Sachs, HSBC, JP Morgan and Wells Fargo also participating in the latest round.
The repo trade used its in-house developed blockchain application, Onyx, supported by instantaneous settlement to swap digitised US Treasury bonds for JPM Coin
The new role comes as a growing number of banks step up their exploration of DLT solutions and servicing tokenised assets.
New apps designed to give market participants in APAC real-time access to ASX and HKEX’s new DLT-based settlement platforms.
The tokenisation of bonds will provide investor access to harder-to-reach securities such as emerging and frontier market debt.
A recent consultation by the ASX on the CHESS replacement timetable, showed around 91% of CHESS users said they will be able to meet the revised go-live date.
The announcement comes as the exchange faced pressure by users to push back the plan, which is now set for April 2022.
Clearstream is planning to use its involvements in recent DLT projects as a steppingstone to developing its own digitised CSD.