Symbiont, a leading smart contracts platform for institutional applications of blockchain technology, has joined The Wall Street Blockchain Alliance (WSBA) as a corporate member last October.
Index data transmission is essential to many operations within the financial services industry, including portfolio construction and strategy execution. It, however, relies on multiple parties and distribution channels to reach investment professionals. Delivering data via a blockchain and automating workflows with smart contracts serves to expedite data delivery, eliminate the need for manual updates, and reduce risks.
Warren Pennington, a principal in Vanguard’s Investment Management Group, said: “Using this platform, investment managers will be able to instantly distribute, receive, and process index data, resulting in better benchmark tracking and significant cost savings that potentially results in better returns for our clients”.
David Barclay, Chief Operating Officer of CRSP, said: “Secure, timely, and reliable controlled distribution of highly sensitive and time-critical information is essential to the continued evolution of the investment and financial services environment. CRSP is dedicated to facilitating the healthy evolution of this marketplace through our data and projects like this.”
Mark Smith, Chief Executive Officer and co-founder of Symbiont. “Through this collaboration we were able to show how Symbiont’s blockchain technology and smart contracts can enhance market data distribution among disparate parties. We’re pleased both Vanguard and CRSP were open to exploring new ways to use our platform to make capital markets cheaper, faster, and more accurate for investors.”