Interdealer Broker ICAP Completes Post-Trade Blockchain Trial
Interdealer broker ICAP announced today that it has completed an internal blockchain technology trial focused on securities post-trade processes. ICAP's Post Trade Risk and Information division conducted the test last month, completing it on 26th February, the firm said, with blockchain startup Axoni providing the software infrastructure for the trial. The UK-based firm said that the test involved the use of a multi-asset messaging and matching network called Harmony, from which messages were converted, in real time, to smart contracts built on a blockchain. ICAP explained: "The....
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ICAP has built what it refers to internally as a 'Rosetta Stone' for trades. That description refers to an ancient hieroglyphic text that brought together several languages from antiquity, and opened a pathway to understanding messages encoded in Egyptian ruins. ICAP invokes this term to describe its new system for managing securities post-trade workflow, one it has now encoded into a single business process. It's designed to let any buyer transact with any broker across a wide range of possible trades. To use the current blockchain terminology, the company has written what they describe....
TP ICAP wants to attract larger investors to bitcoin trading with a platform that separates custody and execution roles.
ICAP, a leading markets operator and provider of post trade risk mitigation and information services with more than $1.6 billion in revenue, announced that its Post Trade Risk and Information (“PTRI”) division has successfully carried out a proof-of-technology pilot test using blockchain technology. The ICAP PTRI division plans to use its newly developed proof-of-technology protocol to handle post-trade processing, a process in which the buyer and the seller compare trade details, alter ownership records, transfer securities and cash and approve transactions. The foundation and....
Now pursuant to approval from the United Kingdom’s financial regulator, TP ICAP’s crypto platform will initially offer Bitcoin trading. Major global interdealer broker TP ICAP is launching a cryptocurrency trading platform with Fidelity Investments and British banking giant Standard Chartered.TP ICAP’s upcoming crypto exchange is scheduled for launch in the second half of 2021 and will initially offer trading exclusively for Bitcoin (BTC), the world’s largest cryptocurrency, Reuters reported Tuesday. Other digital assets like Ether (ETH) will be added at a later stage. Unlike the majority....
Nine of the largest investment banks are planning to develop common standards for blockchain technology in an effort to broaden its use across financial services, The Financial Times reports. The banks - Goldman Sachs, JPMorgan, Credit Suisse, Barclays, Commonwealth Bank of Australia, State Street, Royal Bank of Scotland (RBS), BBVA and UBS - will fund a startup called R3, formed by a New York-based group of trading and technology executives. The banks will jointly contribute several millions of dollars, according to a person familiar with the talks. The funds are expected to go to a....