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Groundbreaking Experimentation of DLT Settlement in Central Bank Money by IZNES with the European Central Bank and Banque de France

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IZNES, collaborating with the Eurosystem comprising the European Central Bank and the Banque de France, has completed a groundbreaking experiment showcasing the potential of wholesale Central Bank Money (CeBM) on interoperable blockchains. Leveraging innovative Hash Time Locked Contracts (HTLC), this initiative demonstrated secure, efficient Delivery versus Payment (DVP) transactions across blockchain platforms like DL3S, IZNES, and Societe Generale-FORGE. Stakeholders included AXA Investment Managers (AXA IM), BNP Paribas, Generali, OFI Invest Asset Management, Societe Generale. The experiment not only highlights the seamless interoperability of blockchains but also underscores the immense potential of digital cash tokens to revolutionize financial operations by enhancing security, reducing settlement times, and cutting costs, setting a new benchmark for the future of financial markets.

PARIS, Dec. 23, 2024 /PRNewswire-PRWeb/ — In a landmark initiative, IZNES, in collaboration with AXA Investment Managers (AXA IM), BNP Paribas, Generali, OFI Invest Asset Management, Societe Generale and Societe Generale-FORGE and under the aegis of the Eurosystem—comprising the Banque de France (BdF) and the European Central Bank (ECB)—has successfully conducted an innovative experiment exploring the potential wholesale Central Bank Money (CeBM), within financial market operations on three interoperable blockchains.

It concretely demonstrates that interoperability between blockchains—often perceived as a major obstacle to the adoption of DLT technologies in finance—is not only possible but also holds immense potential to transform our financial infrastructures.

IZNES CEO Christophe Lepitre stated, “This groundbreaking initiative underscores IZNES’s commitment to innovation and collaboration, paving the way for future advancements in digital finance. It concretely demonstrates that interoperability between blockchains—often perceived as a major obstacle to the adoption of DLT technologies in finance—is not only possible but also holds immense potential to transform our financial infrastructures.”

The experimentation utilized the DL3S platform operated by the Banque de France under the aegis of the ECB, proving that wholesale CeBM can be used for conducting Delivery versus Payment (DVP) of fund units on three interoperable platforms: DL3S, IZNES and Societe Generale-FORGE.

Innovative Technology in Action

To facilitate the DVP process, a Hash Time Locked Contract (HTLC) was issued on the DL3S blockchain and seamlessly exchanged with the IZNES blockchain. The HTLC technology introduced a layer of cryptographic security, requiring recipients to produce cryptographic proof of payment within a specified timeframe. Failing this, the funds would be returned to the payer, ensuring operational integrity and trust.

“By leveraging the HTLC mechanism, we showcased the seamless interoperability between the DL3S, IZNES and Societe Generale-FORGE platforms, proving that wholesale CeBM can play a transformative role in financial market infrastructures,” stated Bhavesh Senedhun, experiment leader, Director General and CIO of IZNES.

Jean-Robert Hervy, Director General and CPO of IZNES, emphasized: “This experiment represents a step forward in demonstrating the feasibility and efficiency of using digital cash tokens in complex financial operations. By leveraging a secure, digital ledger, transactions could be completed faster, with enhanced security measures and significantly lower operational costs for all stakeholders.”

Two-Tiered Experimentation

The initiative was executed in two streams:

Stream 1: In collaboration with Generali as investor, AXA IM as issuer / asset manager of the tokenized fund, and BNP Paribas’ Securities Services business providing existing services and managing its clients’ wallets in BdF’s DL3S, the experiment focused on the subscription of fund units using Banque de France’s cash token.Stream 2: Partnering with Generali as investor, OFI Invest AM as issuer / asset manager of the tokenized fund, Societe Generale and Societe Generale-FORGE, this stream demonstrated the wholesale CeBM’s capabilities in a complex, multi-layered financial operation. This included the subscription of fund units in wholesale CeBM, which were subsequently reinvested into other funds, and bonds issued by Societe Generale. It concluded with the redemption of positions. Societe Generale Securities Services acted as Paying Agent.

Implications for the Financial Ecosystem

“This experiment carried out in real conditions demonstrated that it was possible to safely reduce the settlement and delivery times of transactions on financial instruments thanks to the interoperability of blockchains between them and the guarantee provided by the digital wholesale Central Bank Money (CeBM). We are collectively very happy and proud of this result which paves the way for a real technological advance for post-market processes, with the use of tokens for a secure settlement method for this type of operation thanks to the CeBM,” stated Jean-Pierre Grimaud, CEO of OFI Invest AM.

“At Generali, we have leveraged IZNES to manage our fund positions efficiently using blockchain. The success of this experimentation with the Eurosystem and the CeBM demonstrates the transformative potential of blockchain technology in streamlining fund management processes. The introduction of a wholesale CeBM represents a significant step forward for insurers like Generali, simplifying operations and enhancing transparency across the funds ecosystem,” further added Rémi Cuinat, Director of Unit-linked Assets at Generali.

This successful experimentation highlights the potential of wholesale CeBM to enhance the efficiency, security, and resilience of financial markets. It sets a precedent for the integration of a wholesale CeBM into real-world financial applications, demonstrating their viability as a cornerstone of the future financial ecosystem.

Acknowledgements

IZNES wishes to extend its heartfelt thanks to the dedicated individuals and teams who contributed to the success of this groundbreaking wholesale CeBM experimentation:

Generali: Rémi Cuinat, Azdine Fahimi, Fenda Fofana for their insightful contributions.OFI Invest AM: Jean-Pierre Grimaud, CEO, along with Eric Bertrand, deputy CEO in charge of Investments, Nicolas Demont, deputy CEO in charge of Operational Efficiency and Patrick Hobin, COO for their leadership and support.AXA IM: Olivier Loubet for his strategic input.BNP Paribas’ Securities Services business: Maria Darras (Senior Program Manager Digital Assets) for her valuable engagement.Societe Generale Securities Services: Alain Rocher and Morgane Seveno for their expertise.Societe Generale-FORGE: David Durouchoux, Damien Fontanille and Alexandre Tortochot for their leadership.Banque de France: Pierre-Dominique Renard, Victorien Goldscheider, Marie-Aline Vives, Georges Maila, Sana Ghariani along with the DL3S technical team.IZNESIZNES Task Force on Tokenization and CBDC Experimentations: Paul Sylvain, Stéphanie Lheureux, Olivier Macquet for their guidance.

On the IZNES team, special recognition is given to:

Charles Paris, CTO, and Vladimir Kukharenko for their invaluable technical expertise.Jihade El Ouardi for exemplary project management.Axel Baechelen and Noemie Socha for their efforts on the operational and product fronts.Valérie Gilles for her assistance and advice with stakeholders.Isabelle Dhellemmes for legal guidance.

For further information, please contact:
Bhavesh Senedhun
Director General and CIO, IZNES
bhavesh.senedhun@iznes.com

About IZNES:

IZNES is the first European blockchain-based fund marketplace. IZNES offers a disruptive alternative to traditional fund distribution channels and allows asset owners to subscribe directly to all types funds from asset managers. The use of IZNES’s blockchain technology improves operational efficiency and offers institutional investors and asset managers an optimal level of security and IT resilience. IZNES is a regulated investment firm, authorized by the ACPR and supervised by the AMF, and its services are passported in Luxembourg and Ireland.

www.iznes.com

Media Contact

Bhavesh Senedhun, IZNES, 33 633260581, bhavesh.senedhun@iznes.com, www.iznes.com 

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JAS Worldwide Signs SPA with International Airfreight Associates B.V.

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ATLANTA, Dec. 23, 2024 /PRNewswire/ — JAS Worldwide, a global leader in logistics and supply chain solutions, and International Airfreight Associates (IAA) B.V., a prominent provider of comprehensive Air and Ocean freight services headquartered in the Netherlands, are proud to announce the signing of a Share Purchase Agreement (SPA). This agreement marks an important step toward JAS Worldwide’s acquisition of IAA which, pending regulatory approval, is expected to be completed in the first quarter of 2025.

“This acquisition aligns with our strategic goals and enhances our ability to provide comprehensive logistics solutions to our clients. We eagerly await the finalization of this deal and look forward to welcoming IAA’s talented air and ocean team into the JAS family,” said Marco Rebuffi, CEO of JAS Worldwide.

“In JAS Worldwide we have found the right party to realize our growth ambitions and guarantee a pleasant working environment for our employees. By joining forces, we can also offer an even broader service to our current customers. We therefore look to the future with confidence” said Jur de Graaf, Managing Director of International Airfreight Associates.

IAA handles multi-modal general cargo and specializes in the transportation of perishable goods, with headquarters in The Netherlands and an operation in Germany. This acquisition will strengthen JAS’s presence in key markets and increase its expertise in managing time-sensitive perishable shipments.

The combined strengths of JAS Worldwide and IAA will drive value for customers through enhanced service offerings and a broader global network.

About JAS Worldwide
JAS Worldwide, a global leader in logistics and supply chain solutions, was founded in Milan, Italy in 1978. Headquartered in Atlanta, Georgia, and supported by 7,000+ team members in more than 100 countries, it focuses on creating solutions that are innovative, sustainable, and unique to each customer’s needs. At the heart of its success is its people, who are committed to delivering customer value. As a privately owned company, JAS maintains a steadfast commitment to creating opportunities for our communities, customers, and colleagues to thrive. Together.

About International Airfreight Associates B.V.
International Airfreight Associates B.V. is a trusted provider of airfreight logistics services with headquarters in the Netherlands and additional operations in Germany. With nearly 100 employees across four locations, including Amsterdam, Aalsmeer, Rotterdam, and Frankfurt, the company specializes in moving perishable goods and delivering tailored logistics solutions for a diverse range of clients.

View original content:https://www.prnewswire.com/news-releases/jas-worldwide-signs-spa-with-international-airfreight-associates-bv-302338512.html

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Orange County Register Names Roth Staffing Companies one of the Top Workplaces for 2024

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This year’s recognition marks Roth Staffing’s twelfth time on the prestigious list.

ORANGE, Calif., Dec. 23, 2024 /PRNewswire-PRWeb/ — Roth Staffing Companies has been named as one of the Top Workplaces 2024 by Orange County Register Top Workplaces, making it their twelfth time to receive this honor. Roth Staffing earned its spot in the midsize category.

“Having established our business here in Orange County more than 30 years ago, this recognition holds a special place in our hearts. We’re thrilled and grateful to once again be named a Top Workplace!” – Adam Roth, CEO of Roth Staffing Companies.

This list is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage, LLC. The confidential survey uniquely measures the employee experience and its component themes, including employees feeling Respected & Supported, Enabled to Grow, and Empowered to Execute, to name a few.

“Having established our business here in Orange County more than 30 years ago, this recognition holds a special place in our hearts. We’re thrilled and grateful to once again be named a Top Workplace!” shared Adam Roth, CEO of Roth Staffing Companies. “At Roth Staffing, our coworkers take pride in their contributions and are inspired to enjoy the process along the way. It’s their dedication to fulfilling our Purpose, ‘To make life better for the people we serve,’ that has made this achievement possible. Here’s to many more milestones ahead in 2025 and beyond!”

About Roth Staffing
Roth Staffing Companies is one of the largest privately held staffing firms in the United States, operating from more than 100 locations across 20 states and the District of Columbia. Roth Staffing consists of five specialized business lines: Ultimate Staffing Services for administrative and office positions, Ledgent Finance & Accounting,Ledgent Technology, Adams & Martin Group for legal staffing, and About Talent for workforce solutions. 

Roth Staffing Companies, L.P. has locations Arizona: Phoenix; California: Brea, Carlsbad, Century City, Cerritos, Costa Mesa, Fremont, Fresno, Inland Empire, Irvine, La Jolla, Los Angeles, Orange County, Oxnard, Palo Alto, Pasadena, Pleasanton, Roseville, Sacramento, San Diego, San Francisco, San Jose, Torrance, Tustin, Woodland Hills; Colorado: Denver; Connecticut: Hartford, New Haven; Florida: Boca Raton, Clearwater, Fort Lauderdale, Orlando, Tampa, West Palm Beach; Georgia: Atlanta; Massachusetts: Boston; Maryland: Baltimore, Columbia, Frederick, Rockville, Timonium; Michigan: Detroit; Minnesota: Bloomington, Minneapolis; Missouri: St. Louis, Kansas City; North Carolina: Raleigh; New Hampshire: Nashua; New Jersey: Paramus; Nevada: Las Vegas; Oregon: Portland; Texas: Austin, Dallas, Houston, North Houston, San Antonio; Virginia: Arlington; Washington: Wisconsin: Milwaukee. 

About Energage
Energage is a purpose-driven company that helps organizations turn employee feedback into useful business intelligence and credible employer recognition through Top Workplaces. Built on 17 years of culture research and the results from 27 million employees surveyed across more than 70,000 organizations,  Energage delivers the most accurate competitive benchmark available. With access to a unique combination of patented analytic tools and expert guidance, Energage customers lead the competition with an engaged workforce and an opportunity to gain recognition for their people-first approach to culture. For more information or to nominate your organization, visit energage.com or topworkplaces.com.

Media Contact

Samantha Cabot, Roth Staffing Companies, 714-939-8600, scabot@rothstaffing.com, rothstaffing.com 

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Trading Technologies achieves high spot in Chartis Buyside Platforms 2024 Rankings

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Firm also earns “strong category leader” status for Energy and Equity Trade Surveillance Solutions in new Chartis Market Quadrants report

CHICAGO, Dec. 23, 2024 /PRNewswire/ — Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, has earned the number 12 spot in the Chartis Buyside Platforms 2024 ranking of the top 50 providers of buy-side platforms and technology. The report released this month showcases the leading players in financial infrastructure and highlights providers delivering essential services and tools – including trading networks, market data, prime brokerage services and more – to buy-side market participants. The ranking, which Chartis called a testament of the “commitment to delivering exceptional value and innovation” to that community, provides insights into how the companies are shaping the industry with advanced solutions in asset management, risk assessment and operational efficiency.

Separately, in Chartis’ just-released Market Quadrants report, which provides a detailed evaluation of key providers offering advanced surveillance solutions tailored to the unique needs of the energy and equity markets, TT achieved “strong category leader” status for both energy and equity trade surveillance solutions. In both categories, TT received a four-star rank for “Industry Leading Platform Capabilities.” Of particular note, TT earned “industry-leading” four-star rankings across all measures in the equity surveillance category, including analytics and modeling, pre-trade reporting, post-trade reporting, data infrastructure and database management, and data visualization and ease/speed of access capabilities.

TT CEO Keith Todd said: “With a long history of service to the sell side, we have been working diligently to grow our appeal to buy-side market participants, and we’re incredibly honored to have earned in short order a number 12 ranking on a cultivated list of the top 50 service providers in the buy-side sector. It’s a great accomplishment that our broadening of products, asset classes and services available on the TT® platform – including our expansion from futures trade surveillance to a powerful multi-asset offering – are already achieving industry-leading recognition across important measures.”

Handling over 2.5 billion transactions this year, the TT platform connects to more than 100 global exchanges and liquidity venues across a growing number of asset classes. The platform delivers advanced tools for trade execution and order management, market data solutions, analytics, trade surveillance, risk management and infrastructure services to the world’s leading sell-side institutions, buy-side firms and exchanges.

Buy-side participants leverage a wide range of TT tools to meet their trading needs, including a comprehensive suite of advanced execution algorithms, algo design and deployment tools, Autospreader and APIs. Through Abel Noser Solutions, a TT company, market participants employ a wide range of sophisticated transaction cost analysis (TCA) products and services across global equities, foreign exchange, futures, fixed income and options.

In June, the firm launched TT Trade Surveillance, a multi-asset trade surveillance solution combining new multi-asset coverage and dozens of new configurable models to supplement the machine learning-driven models from TT Score, the company’s first-generation trade surveillance platform. TT Trade Surveillance provides enhanced trade surveillance capabilities to a wide range of asset classes, including futures, equities, equity options, fixed income and foreign exchange (FX). The system has also recently added a new, innovative way to identify cross-product manipulation, where users can input correlated instruments directly into the user interface to create a single synthetic instrument, and utilize the machine-learning spoofing models to identify patterns of spoofing activity across multiple order books.

With this recognition, TT has now been honored globally and regionally 14 times this year for the TT platform, trade surveillance capabilities, algorithmic trading solution, TCA tool, execution management system (EMS), order management system (OMS) and market data services.

About Trading Technologies

Trading Technologies (www.tradingtechnologies.com) is a Software-as-a-Service (SaaS) technology platform provider to the global capital markets industry. The company’s award-winning TT® platform connects to the world’s major international exchanges and liquidity venues in listed derivatives alongside a growing number of asset classes, including fixed income, foreign exchange (FX) and cryptocurrencies. The TT platform delivers advanced tools for trade execution and order management, market data solutions, analytics, trade surveillance, risk management, clearing, post-trade allocation and infrastructure services to the world’s leading sell-side institutions, buy-side firms and exchanges. The company’s blue-chip client base includes the Tier 1 banks as well as brokers, money managers, hedge funds, proprietary traders, Commodity Trading Advisors (CTAs), commercial hedgers and risk managers. These firms rely on the TT ecosystem to manage their end-to-end trading operations. In addition, exchanges utilize TT’s technology to deliver innovative solutions to their market participants. TT also strategically partners with technology companies to make their complementary offerings available to Trading Technologies’ global client base through the TT ecosystem.

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