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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings    HSBA   GB0005405286

HSBC HOLDINGS (HSBA)
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HSBC : ING and BNY Mellon among seven banks in blockchain loan bid

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10/06/2017 | 07:21am CEST

HSBC, ING, and BNY Mellon are among seven top banks that are working together to create a platform for syndicated loans using blockchain technology, it emerged yesterday.

BNP Paribas and State Street are also among the financial institutions who have been named as involved in the project.

Well-known blockchain consortium R3 and Finastra - the UK financial software company formerly known as Misys combined with Canada'sDH Corp - will provide the technology side of things.

The online marketplace called Fusion LenderComm will use blockchain's distributed ledger technology (DLT) to increase transparency and efficiency for the loans which involve multiple lenders, while also reducing costs. Currently such work in the area is done manually.

"The community of banks already on board covers approximately 10 per cent of the global syndicated lending market and demonstrates the appetite to make this market utility a success," said Finastra's deputy chief executive Simon Paris yesterday. "As more participants join, we will quickly gain the critical mass to develop this into the leading marketplace for syndicated lending and loan trading."

State Street's global lead for syndicated loan products Robert Waddell said: "Fusion LenderComm has the potential to solve a problem whose solution has eluded the loan market since inception: distribution of loan information in a structured, timely, transparent manner that comes directly from the content creators - the agent banks."

(c) 2017 City A.M., source Newspaper

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF NEW YORK MELLON (THE) 1.68% 53.325 Delayed Quote.-2.66%
HSBC HOLDINGS 0.53% 665.7 Delayed Quote.-13.65%
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Financials ($)
Sales 2018 54 923 M
EBIT 2018 21 044 M
Net income 2018 13 951 M
Debt 2018 -
Yield 2018 5,95%
P/E ratio 2018 12,53
P/E ratio 2019 11,56
Capi. / Sales 2018 3,16x
Capi. / Sales 2019 2,98x
Capitalization 173 B
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Mean consensus HOLD
Number of Analysts 22
Average target price 10,2 $
Spread / Average Target 17%
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John M. Flint Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Andrew Mitchell Maguire Group Chief Operating Officer
Iain James Mackay Executive Director & Group Finance Director
Darryl West Chief Information Officer
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