Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Xetra  >  Commerzbank    CBK   DE000CBK1001

COMMERZBANK

(CBK)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Commerzbank : and thyssenkrupp process FX Transaction via Blockchain more

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/24/2018 | 04:53am EST

On May 23rd, 2018, thyssenkrupp traded an FX Forward with Commerzbank and this transaction was instantaneously replicated in a Blockchain successfully. The use of Blockchain completely eliminates the need for a manual or semi-automated reconciliation between the client and the bank, thereby drastically reducing operational risks in FX transactions. The EUR/PLN FX Forward deal, which amounted to EUR 500,000 with a one month tenor, was initiated by thyssenkrupp using FX Live Trader, Commerzbank's flagship FX Trading Platform. The deal confirmation was sent to thyssenkrupp directly via CORDA, a distributed ledger designed for finance by the R3 blockchain consortium.

On this achievement, Nikolaus Giesbert, Divisional Board Member, Fixed Income, Currencies & Commodities and Trade Finance & Cash Management, Commerzbank AG, said 'Reconciliation is a major issue for banks when trading FX. Significant resources are dedicated to resolving the issues that occur during the matching process. This deal demonstrates how the use of distributed ledger can transform and digitalise the processes in this space. Commerzbank is pleased to be working with thyssenkrupp on this deal and to further develop digital banking solutions for corporates'.

With this pilot transaction, Commerzbank and thyssenkrupp have now affirmed a real FX transaction via Blockchain. In the future, the option of offering FX Post Trade Confirmation and Matching via Blockchain may offer significant benefits. Firstly, a more streamlined FX transaction process and a real time confirmation can offer efficiency gains for corporate treasurers by offering real time liquidity positions. Secondly, the use of Blockchain will completely eliminate the need for transaction reconciliation, since the transaction is stored as a single immutable record on the Blockchain. This drastically reduces time delays, operational trade risks, manual errors, and reconciliation problems in the process. Thirdly, the Blockchain based system will eliminate the need of the various third party solutions that banks use to send transaction confirmations to the clients. However, to fully realize these efficiency gains, technical, regulatory and legal requirements need to further develop.

'The comprehensive insight into the Blockchain process clearly shows how to connect market participants in the future in a highly secure and efficient manner while reducing transaction costs by avoiding external software solutions. The simplified process with maximum transparency reduces the hurdles for financial integration and allows us to rethink existing processes. At thyssenkrupp, we monitor digital developments very closely and look forward to introduce more applications with associated value for our treasury operations', said Mr. Thomas Empelmann, Head of Corporate Finance, thyssenkrupp AG.

*****

Press contact

Josefin Altrichter +49 69 136 80209

*****

About Commerzbank

Commerzbank is a leading international commercial bank with branches and offices in almost 50 countries. In the two business segments Private and Small Business Customers and Corporate Clients, the Bank offers a comprehensive portfolio of financial services which is precisely aligned to its clients' needs. Commerzbank finances approximately 30% of Germany's foreign trade and is the leading finance provider for corporate clients in Germany. Due to its in-depth sector know-how in the German economy, the Bank is a leading provider of capital market products. Its subsidiaries Comdirect in Germany and mBank in Poland are two of the world's most innovative online banks. With approximately 1,000 branches, Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank serves more than 18 million private and small business customers, as well as more than 60,000 corporate clients, multinationals, financial service providers, and institutional clients. The Bank, which was founded in 1870, is represented at all the world's major stock exchanges. In 2017, it generated gross revenues of €9.2 billion with approximately 49,300 employees.

*****

Disclaimer

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern inter alia the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management's current plans, expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Such factors include the conditions in the financial markets in Germany, in Europe, in the USA and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, especially due to the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, particularly to reduce its ACR portfolio, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.

Download Press Release (PDF, 187 kB)

Disclaimer

Commerzbank AG published this content on 24 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 May 2018 08:52:07 UTC

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on COMMERZBANK
02/21COMMERZBANK : #19-410 Listing of Warrants issued by Commerzbank AG
AQ
02/21COMMERZBANK : #19-409 Listing of Knock out warrants issued by Commerzbank AG
AQ
02/21COMMERZBANK : #19-407 Listing of Mini futures issued by Commerzbank AG
AQ
02/21COMMERZBANK : 19-408 Listing of Turbo warrants issued by Commerzbank AG
AQ
02/20COMMERZBANK : Asaka Bank signs syndicated loan agreement with CommerzbankAG and ..
AQ
02/20COMMERZBANK : #19-899 Listing of Knock out warrants issued by Commerzbank AG
AQ
02/20COMMERZBANK : #19-898 Listing of Knock out warrants issued by Commerzbank AG
AQ
02/20COMMERZBANK : #19-897 Listing of Turbo warrants issued by Commerzbank AG
AQ
02/20COMMERZBANK : #19-896 Listing of Turbo warrants issued by Commerzbank AG
AQ
02/20COMMERZBANK : #19-395 Correction #19-391 Listing of Turbo warrants issued by Com..
AQ
More news
Financials (€)
Sales 2019 8 782 M
EBIT 2019 1 879 M
Net income 2019 1 004 M
Debt 2019 -
Yield 2019 4,09%
P/E ratio 2019 8,35
P/E ratio 2020 6,45
Capi. / Sales 2019 0,94x
Capi. / Sales 2020 0,91x
Capitalization 8 246 M
Chart COMMERZBANK
Duration : Period :
Commerzbank Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends COMMERZBANK
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 26
Average target price 8,94 €
Spread / Average Target 36%
EPS Revisions
Managers
NameTitle
Martin Zielke Chairman-Management Board
Stefan Schmittmann Chairman-Supervisory Board
Frank Annuscheit Chief Operating Officer
Stephan Engels Chief Financial Officer
Uwe Tschäge Vice Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
COMMERZBANK15.41%9 350
JP MORGAN CHASE & COMPANY8.04%350 731
INDUSTRIAL AND COMMERCIAL BANK OF CHINA5.10%288 712
BANK OF AMERICA19.36%283 213
CHINA CONSTRUCTION BANK CORPORATION8.95%237 531
WELLS FARGO8.09%233 291