The inaugural meeting saw major investment banks, brokers, trade and commodity finance houses and central market infrastructures meet to discuss the merits and challenges of collaborating on a blockchain initiative within the physical economy. The aim of the consortium is to identify how blockchain can be leveraged to bring greater transparency and trust to the commodity markets and enable greater interaction between financial and physical markets.
With a number of potential use cases identified, Kynetix has been conducting bilateral meetings over the last month with the attendees and other leading technology players to ensure that appropriate use cases are fully evaluated as to whether they could be deployed as a tangible offering to the market.
“Following the launch of the consortium and our pepper blockchain title transfer, the level of interest and engagement we’ve seen from the world’s leading financial organisations has been fascinating. We recognised that to drive their agenda forward we needed to appoint an industry expert with experience in running consortia. We hope this move will enable the most appropriate use cases to become reality and deliver tangible benefit to the commodity markets” said Guillaume Kendall, Head of Business Development at Kynetix.
Scott Riley, a founding Director of Chi-X Europe where he was responsible for the Post Trade market model and all Post Trade solutions has come on board to drive the initiative forward. Riley brings significant experience of working with industry consortia following his experiences in both Europe and Asia. He has worked closely with the ‘sell side’ with industry firms such as Morgan Stanley, ABN AMRO and Bank of America Merrill Lynch. He has also been instrumental in delivering change to markets in his role as a founder of Chi-X Europe and the Australian Derivatives Exchange. Having built key industry platforms such as LMEsword, ICE Guardian and shortly LMEshield, Kynetix have over a decade of experience working with leading Commodity exchanges and investment banks.
“In response to unprecedented interest in our technical and distribution capabilities, we’re delighted to be working with Scott to drive this exciting initiative forward to enable us to remain at the forefront of innovation in our unique physical industry” said Kendall