The new, Distributed Ledger Technology platform is built on private permissioned blockchain technology augmented by a smart contract application layer and will be used to facilitate the issuance, registration, settlement and custody of digital assets, including but not limited to digital bonds.
The platform is jurisdiction agnostic and can be leveraged across global capital markets. It has been inaugurated hosting the issuance of a 100 million EURO denominated digital bond for the European Investment Bank, setting the benchmark for market transactions to follow.
The Ashurst multidisciplinary and cross-border team was led by regulatory partner and Bank Industry Chair Etay Katz and counsel Sidika Ulker assisted by finance regulatory partner Bradley Rice, consultant David Capps, senior associates Sophie Skeet and Jamie Jefferson Ng and associates Hannah Pack and Hannah Sheikh. The wider team included Frankfurt-based finance regulatory partners Detmar Loff and Conrad Ruppel and associates Cornelius Hille, Tobias Bauerfeind and Gréta Müller, Paris-based finance regulatory partner Hubert Blanc-Jouvan and associate Francesco Assi, London-based digital economy partner David Futter, counsel Victoria Thompson, senior associate Denae Engelbrecht and associate Harry Newton, and London-based capital markets partner Anna Delgado and counsel Conor Funston. Partner Marc Mouton of Arendt & Medernach led on matters pertaining to Luxembourg law.
Commenting, Etay Katz said:
"Being so closely involved in such an unprecedented cutting edge project, which has launched within a record breaking timescale has been a fascinating journey. This is a first of its kind platform which responds to a rapidly evolving market - currently there is no similar infrastructure solution in place and with the launch of the platform, it will fundamentally transform financial markets as we know them. Our partnership with Goldman Sachs to deliver this project underlies a strong shared conviction and vision on the role DLT will play in financial markets transformation."
Abeetha Pitigala, Digital Assets, Vice President at Goldman Sachs, added:
"We have a longstanding relationship with Ashurst, and have been delighted with the way in which they worked tirelessly and effectively to get this new platform to launch on a tight timetable. Ashurst's industry knowledge, responsiveness and agile thinking has been critical for the successful development and launch of the platform."
