Asset managers will be able to trade physical assets directly with each other without incurring multiple transaction fees through a new asset class dubbed asset-backed coins (ABCs), which represent assets and currencies in one, says Morgan McDonnell, chief operating officer for Abacas, the exchange for ABCs.

Abacas, which launched on June 8, will allow managers to exchange assets without actually buying or selling them in one single transaction through ABCs, reducing the costs associated with