On 1 March 2018, financial

technology innovator HQLAx together with Credit Suisse and ING completed the

first live securities lending transaction using R3's Corda blockchain platform.

The transaction included a basket swap between Credit Suisse and ING of value

EUR 25 million using the HQLAx Corda-based collateral lending application.

During the transaction, Credit Suisse and ING transferred legal ownership of

Dutch and German government securities on the platform using HQLAx Digital

Collateral Records (DCRs) while the underlying securities remained static.

Bär & Karrer advised

HQLAx on the Swiss aspects of this transaction. The team included Rashid Bahar,

Martin Peyer, Ria Gurtner (all Fintech). Clifford Chance acted as Lead Counsel.