Canada. BMO Capital Markets Launches First-of-its-Kind Blockchain Pilot to Mirror Canadian Dollar Fixed Income Issuance Transaction with Ontario Teachers’
First Canadian dollar fixed income issuance by a major bank in Canada testing blockchain technology
TORONTO, Aug. 15, 2018 /CNW/ – BMO Capital Markets today announced that it has successfully launched a pilot fixed income issuance transaction, mirrored on a blockchain platform alongside leading pension fund investor Ontario Teachers’ Pension Plan (Ontario Teachers’).
The transaction included Bank of Montreal as the issuer and Ontario Teachers’ as the buyer of a CDN$250MM 1-year floating rate Deposit Note, making it the first Canadian dollar fixed income issuance demonstrating the viability of blockchain platforms.
The pilot transaction – booked as a traditional Canadian Depository for Securities (CDS) issuance and successfully paralleled through the blockchain – was conducted to demonstrate how smart contracts and blockchain could be used for fixed income markets.
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