A tech project, the Tisa Universal Reporting Network (Turn), has claimed that a blockchain utility it has developed will cut costs by 80-90% a year.

The utility, powered by Atos, aims to ease regulatory reporting requirements of MiFID II and will be available across Europe based on blockchain technology in the fourth quarter.

Turn says the utility comes at a time when asset management firms are having to significantly reduce costs because of Covid-19’s impact on global markets and the uncertainty around a possible second wave of the pandemic.

The utility will be accessible to 60% of the market when it launches later this year.

Gary Bond, chief executive of Turn, said: “This is an industry-led and run, not-for-profit initiative that will ultimately ensure that consumers are offered the best and most suitable products while lowering costs and time spent on admin for asset managers.”

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