Global Markets Operator ICAP Successfully Implements Blockchain Technology Pilot
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....
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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....
There was an outlier among a group of financial institutions that this week announced they are in the process of building a new blockchain and digital currency settlement network. Called the 'Utility Settlement Coin', the project was created by startup Clearmatics and tested by four global banks: UBS, BNY Mellon, Deutsche Bank, and Santander. But a fifth member of the consortium, ICAP, stands apart for two reasons. First, its team of participants span multiple companies within the market infrastructure provider. Second, as a market infrastructure provider, a digital currency that runs on a....
The Jamaican central bank successfully completed the pilot testing of its central bank digital currency, a statement from the bank has said. The statement however reveals that only one payment service provider participated in the pilot.
Only One Payment Provider Participated in the Pilot
The Bank of Jamaica (BOJ) recently revealed that it had successfully completed the trial of its central bank digital currency (CBDC). The claim by the BOJ follows the completion of an eight-month test run that commenced in May 2021.
However, in a statement released on the last day of....
Two more Indian private banks have started conducting pilot transactions using blockchain technology, days after the country’s leading private sector bank, ICICI, completed its successful blockchain pilot. Axis Bank Ltd., and Kotak Mahindra Bank Ltd., are two of the latest banks to join the growing number of global financial institutions jumping onto the blockchain bandwagon. According to Indian publication Livemint, the two banks are experimenting with blockchain-based solutions in different sectors of businesses and industry. Chief among them are applications for cross-border remittance....
The stablecoin issuer completed a successful pilot test for same-day trade settlements with Credit Suisse and Instinet. Paxos, a United States-based stablecoin operator, announced Tuesday that it will apply for a formal clearing agency license with the Securities and Exchange Commission, or SEC, in a move that would bring another practical use case for blockchain technology in traditional markets. As Reuters reported, the pursuit of an agency license by Paxos follows a successful pilot test of its same-day settlement system. Credit Suisse, a Zurich-based financial institution, and....