News: Consortium between Rabobank, Concord Resources Limited, PGS, Gen10 and Aon complete physical repo trade using blockchain

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.

Richard Williamson, CEO and Founder, Gen10 said:

The commodity and raw materials trade and its service providers need to drive down costs, create value from data and innovate. They are struggling with digital transformation. Tighter margins and democratized market data are forcing companies to transform their internal processes and to seek collaborative industry solutions with online platform and blockchain initiatives.

"Gen10’s technology, processes and experience are the key to the consortium's ability to deliver more value, faster and at lower cost than the competition. This is being leveraged by the consortium to build the network.

Read the full press release now

Posted by Gen10