The London Stock Exchange Group PLC (LSEG) recently revealed their plans to launch a blockchain-based trading platform. On Monday, its Head of Capital Markets – Murray Roos told the Financial Times that LSEG had been evaluating the potential of blockchain technology in trading financial assets for around a year.
The proposed platform is expected to go live in 2021, however, it requires the necessary regulatory approvals. Roos stated that the plan is to use digital technology to make a process smoother, cheaper, and more transparent. The Chief Executive of the London Stock Exchange, Julia Hogget, will lead the proposed project.
At present, the London Stock Exchange Group is in discussion with British regulators and authorities. The ultimate goal is to create a global platform that facilitates trading between participants from different jurisdictions and abides with the applicable laws.
However, LSEG is not interested in developing cryptoassets; they just wish to make use of blockchain technology to enhance the efficiency of trading financial assets.
Shares of London Stock Exchange Group ended marginally down on Monday. Last month, the capital markets agency reported an 11.8% increase in their revenue on a reported basis during the first six months of this year.
