Investment firm Vanguard is going to start to use the platform of smart contracts Symbiont from the beginning of 2018.
Within a few months, the company tested the technology to simplify the way in which Vanguard receives data from the Center for research in prices (CRSP). This information is used to determine the index funds managed by Vanguard, and includes such things as names of companies, number of shares, the weighting of the index and corporate actions such as merger or a stock split.
Thus, the private blockchain accelerate the delivery of data from CRSP to Vanguard, eliminating the need for manual intervention and reduces risk.
«Using this platform, investment managers can instantly distribute, receive and process the index data that leads to better tracking performance and significant savings,» – said the head of the Vanguard Warren Pennington.
The partnership will unite 17 index funds, totaling $1.15 trillion in assets, including the largest vanguard Fund, index Fund shares in the amount of $650 billion Vanguard manages In total 186 products index with assets of $3.56 trillion in the composition of the 376 funds that have $4.8 trillion.