SEB Joins Nasdaq to Leverage Chain’s Technology for Swedish Mutual Funds

Swedish financial group Skandinaviska Enskilda Banken AB (STO:SEB-A) and Nasdaq, Inc. (Nasdaq:NDAQ) have announced a joint project to test a mutual fund Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term based on Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology.

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“With the help of a blockchain we can create a faster, simpler, more effective and reliable fund market,” said Göran Fors, acting head of Investor Services at SEB. “Funds are increasingly important for our clients and it is with great pleasure that we can announce this important project together with Nasdaq.”

“By leveraging blockchain technology there is strong potential for improvement via digitalization that can reduce manual work, create a faster process and reduce the risk for errors,” said Magnus Haglind, SVP & Head of Product Management, Market Technology, Nasdaq. “This development will look to benefit the fund market and, in the end, also the individual investors through faster response from purchases and sales.”

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The developers of the project explain that, by subscribing to a private blockchain, the various market participants—fund companies, distributors and others—will be able to share a distributed database in which all transactions and changes are registered among all participants in real-time. The cooperation agreement entails SEB and Nasdaq continuing to develop the technology with the end goal of creating a working prototype, which will be based on Chain’s blockchain infrastructure platform.

In addition, they have opened a channel for collaboration with additional interested parties on building a uniformed market infrastructure for Sweden’s fund market.