CMC Markets collaborates with Kinexys by J.P. Morgan to enable instant blockchain-based settlements
CMC Markets (“CMC”), a leading global provider of online trading and investing services, today announces a collaboration with Kinexys by J.P. Morgan to leverage Kinexys Digital Payments for near real-time blockchain-based settlements.
Kinexys Digital Payments sits within Kinexys by J.P. Morgan, the firm’s industry-leading blockchain business unit and a part of J.P. Morgan Payments. Focused on building next-generation blockchain-based financial infrastructure, its always-on, programmable blockchain technology enables institutions to modernise payment and settlement processes and unlock new efficiencies across financial markets.
The capability is already live, with cash transfers actively taking place via the blockchain-based system, following successful testing. This means CMC has the ability to transfer cash and settle payments instantly, 24/7, using blockchain technology. The solution enables near real-time, programmable settlement through a network of Blockchain Deposit Accounts, reducing settlement risk, operational friction and costs, while maintaining the same high levels of security associated with traditional payment rails.
This collaboration supports CMC’s strategic focus on enhancing its global technology infrastructure and improving capital efficiency across international operations. By enabling the ability to instantly move funds across currencies and regions, CMC can deploy capital more efficiently across its business, reducing liquidity requirements and operational risk.
Lord Peter Cruddas, Founder and CEO of CMC Markets, said:
“Our collaboration with Kinexys by J.P. Morgan marks another important step forward as we strengthen our access to next-generation blockchain infrastructure. From the moment I set up this business I have always invested in transformative technology, and this agreement is no different.
As a global business, reducing friction and liquidity risk across geographies is critical. By leveraging Kinexys by J.P. Morgan’s infrastructure, we are reinforcing CMC’s position as a technologically advanced and globally agile financial services provider. The team are already seeing enhanced capital efficiency and operational flexibility as a result.
As financial markets are increasingly shaped by blockchain-enabled solutions, CMC is well positioned to lead this evolution.”
Zack Chestnut, Global Head of Business Development for Kinexys Digital Payments at Kinexys by J.P. Morgan, commented:
“Our singular focus is meeting our clients’ needs – today and tomorrow – with next generation financial infrastructure. We’re excited to partner with clients to shape the future of finance and help global businesses like CMC unlock the power of 24/7/365 on chain settlement and programmable payments.”
About CMC Markets
CMC Markets Plc (“CMC”), whose shares are listed on the London Stock Exchange under the ticker CMCX (LEI: 213800VB75KAZBFH5U07), was established in 1989 and is now one of the world’s leading online financial trading and investing businesses. The Company serves retail and institutional clients through regulated offices and branches in 12 countries with a significant presence in the UK, Australia, Germany and Singapore.
CMC Markets offers an award-winning, online and mobile platform, enabling clients to trade and invest in over 12,000 financial instruments across shares, ETFs, indices, foreign exchange, commodities and treasuries through contracts for difference (“CFDs”), financial spread bets (in the UK and Ireland only) and, in Australia, Singapore and the UK, access to stockbroking services.
More information is available at cmcmarkets.com/group.