TD
Securities has chosen Paxos Settlement Service for Commodities, marking an advancement
in the precious metals market by adopting blockchain technology for trade
settlements. This collaboration brings the first instance of concurrent cash
and commodity trade settlements, optimizing TD Securities’ operations in both
traditional and digital precious metals markets.

TD
Securities has selected Paxos to provide a blockchain-based settlement service
for commodities trades, enhancing automation in a sector that traditionally
lacks such systems. This development is poised to modernize the approach to
commodities trading, offering a solution to the longstanding absence of
automated confirmations and settlements.

“Bridging
the longstanding gap between cash and asset settlement networks, as well as
collecting settlement obligations in a controlled way that mitigates risk, are
fundamental elements to creating safe settlement for the commodities market,” highlighted Joe Quinlan, the Global Head of FX & Commodities Middle Office at TD
Securities.

“Aside
from the risk mitigation, joining this settlement network enables us to drive
significant benefits to our processes, increasing our overall settlement
efficiency.”

Paxos
stands as a pivotal entity in regulated blockchain infrastructure and
tokenization, shaping a more agile and open financial system. The company has
collaborated with prominent institutions like PayPal and Bank of America to
facilitate asset tokenization, custody, and transaction services, and has
garnered significant investment, illustrating its impact on the financial
industry’s evolution.

Anoushka
Rayner, the Head of Growth of Commodities at Paxos, emphasized the dual advantages
of reduced credit risk and capital efficiency gains. According to Rayner, Paxos
facilitates simultaneous settlements and serves as a central hub for all
counterparty settlements.

“TD
Securities will be able to optimize its commodities business with full
automation from post-trade confirmation to final settlement,” she
concluded.

Finance
Magnates
informed last week that TD Securities has also joined forces with
Tradefeedr
for better data analytics in the Forex industry. The company has
integrated with Tradefeedr’s independent FX Data Analytics Platform.

Paxos Encounters
Regulatory Challenges in the Cryptocurrency Market

In light of
regulatory issues major cryptocurrency exchanges face in the United States,
Paxos began the year with a setback. In February, news surfaced that it is
facing an investigation
by the New York State Department of Financial Services.

Just a few
days later
, the company announced that it is halting the minting of the
Binance-affiliated stablecoin BUSD, following reports that the Securities and
Exchange Commission also intends to sue the firm.

However,
this did not deter Paxos from supporting other stablecoin developments. In
September, the company partnered with Crypto.com and PayPal concerning a new
USD-pegged token from payment giant PYUSD.

TD
Securities has chosen Paxos Settlement Service for Commodities, marking an advancement
in the precious metals market by adopting blockchain technology for trade
settlements. This collaboration brings the first instance of concurrent cash
and commodity trade settlements, optimizing TD Securities’ operations in both
traditional and digital precious metals markets.

TD
Securities has selected Paxos to provide a blockchain-based settlement service
for commodities trades, enhancing automation in a sector that traditionally
lacks such systems. This development is poised to modernize the approach to
commodities trading, offering a solution to the longstanding absence of
automated confirmations and settlements.

“Bridging
the longstanding gap between cash and asset settlement networks, as well as
collecting settlement obligations in a controlled way that mitigates risk, are
fundamental elements to creating safe settlement for the commodities market,” highlighted Joe Quinlan, the Global Head of FX & Commodities Middle Office at TD
Securities.

“Aside
from the risk mitigation, joining this settlement network enables us to drive
significant benefits to our processes, increasing our overall settlement
efficiency.”

Paxos
stands as a pivotal entity in regulated blockchain infrastructure and
tokenization, shaping a more agile and open financial system. The company has
collaborated with prominent institutions like PayPal and Bank of America to
facilitate asset tokenization, custody, and transaction services, and has
garnered significant investment, illustrating its impact on the financial
industry’s evolution.

Anoushka
Rayner, the Head of Growth of Commodities at Paxos, emphasized the dual advantages
of reduced credit risk and capital efficiency gains. According to Rayner, Paxos
facilitates simultaneous settlements and serves as a central hub for all
counterparty settlements.

“TD
Securities will be able to optimize its commodities business with full
automation from post-trade confirmation to final settlement,” she
concluded.

Finance
Magnates
informed last week that TD Securities has also joined forces with
Tradefeedr
for better data analytics in the Forex industry. The company has
integrated with Tradefeedr’s independent FX Data Analytics Platform.

Paxos Encounters
Regulatory Challenges in the Cryptocurrency Market

In light of
regulatory issues major cryptocurrency exchanges face in the United States,
Paxos began the year with a setback. In February, news surfaced that it is
facing an investigation
by the New York State Department of Financial Services.

Just a few
days later
, the company announced that it is halting the minting of the
Binance-affiliated stablecoin BUSD, following reports that the Securities and
Exchange Commission also intends to sue the firm.

However,
this did not deter Paxos from supporting other stablecoin developments. In
September, the company partnered with Crypto.com and PayPal concerning a new
USD-pegged token from payment giant PYUSD.

4 thoughts on “TD Securities Picks Paxos to Automate Commodity Trading”
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