Marex Group, a diversified global financial services platform, has announced a collaboration with Brevan Howard Digital to utilise Kinexys to reduce settlement risk and facilitate more efficient payments.
According to Marex, it is the first clearing firm to use Kinexys Digital Payments’ blockchain deposit accounts to facilitate the processes with clients.
Kinexys Digital Payments, part of J.P. Morgan’s blockchain business unit, enables counterparties to facilitate instant, programmable 24/7 settlements in near real-time using its network of blockchain deposit accounts.
Using this technology, Marex and Brevan Howard Digital can settle payments instantly, reducing settlement risk, time and cost, while maintaining the same level of security provided by traditional payment settlement rails, the firms say.
Terry Hollingsworth, global head of futures and OTC clearing sales at Marex, says: “Kinexys by J.P. Morgan is the next generation of financial market infrastructure. By enabling programmable payment and settlement, the platform leverages automation to unlock asset utility and reduce risk.”
Adam Gibbons, chief operating officer at Brevan Howard Digital, comments: “This is yet another tangible example of how blockchain technology can drive efficiency gains and strengthen risk management controls.”
Akshika Gupta, global head of client solutions at Kinexys by J.P. Morgan, adds: “Marex and Brevan Howard Digital utilising the growing Kinexys Digital Payments network to make seamless, 24/7 settlements represents a significant milestone in the advancement of financial market infrastructure.”
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