Burr & Forman

Paxos Settlement Service announced February 20, 2020 that it has commenced P2P settlement of US listed equity trades over a private, permissioned blockchain with Credit Suisse and Instinet (a Nomura Bank subsidiary). Paxos expects Societe Generale will join soon.

Paxos is registered with the New York Department of Financial Services and regulated as a limited-purpose trust company.

Late last year, Paxos obtained SEC No-Action relief from clearing-agency registration, limited to a “Feasibility Study No-Action Phase” restricted to a maximum of seven participants for 24 months, and involving only the most actively-traded and liquid stocks, with a 1% cap on average daily volume.

Paxos says it expects to file with the SEC for full clearing-agency registration later this year.

Paxos’s release is here.

Coindesk’s article is here

The SEC No-Action Letter is here

[View source.]

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