In June, Allianz Risk Transfer, part of Allianz Group, and Nephila Capital, a specialist investment manager, said they had piloted the use of blockchain for processing and settling transactions in bonds and swaps (financial instruments that transfer risk from insurers to investors or other insurers) for natural catastrophes. Earlier in 2016, the Australian Securities Exchange said it would work with US-based Digital Asset Holdings to create a system based on blockchain for clearing and settling trades in the Australian equity market.