DTCC to Use Digital Asset Tech for Blockchain Post-Trade Trial
The Depository Trust & Clearing Corporation (DTCC), a company that oversees the clearing and settlement of $1.6 quadrillion in US securities annually, has announced it will test a distributed ledger solution for managing repurchase (repo) agreements. The test, a partnership with industry startup Digital Asset Holdings, finds the DTCC embarking on its first trial of blockchain technology, a move that follows its January participation in the firm’s $60m funding round and coincides with a New York-based event focused on distributed ledgers and their applications. In interview, DTCC....
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Post-trade market infrastructure provider DTCC, the Depository Trust & Clearing Corporation has announced the competition of the initial phase of its blockchain proof-of-concept trial in the clearing and settlement of repurchase agreement (repo) transactions. In its announcement yesterday, the DTCC said it successfully completed the first leg of its proof-of-concept test using blockchain technology developed by New York-based industry firm Digital Asset. The test aimed to better manage the netting process for U.S. Treasury and Agency repurchase transactions in order to reduce the risks....
DTCC president and CEO Mike Bodson indicated today that the US clearing and settlement giant plans to embark on additional distributed ledger technology tests. The comments came as part of Bodson’s opening remarks at the 2016 Blockchain Symposium, a one-day event held by the DTCC in New York City today. The event features participants from financial institutions such as Barclays, BlackRock, Goldman Sachs and the SWIFT Institute. Word that DTCC is planning additional work with blockchain tech followed the company's announcement of a partnership with industry startup Digital Asset Holdings....
The Wall Street companies may soon start using blockchain technology based services provided by DTCC. Blockchain technology in banking and fintech is not a new thing. The sector has been working on implementing the distributed ledger technology into its operations for more than a year now. As they make progress, the Wall Street clearinghouse has decided to hop on the bandwagon by adopting blockchain technology. According to reports, Depository Trust and Clearing Corporation – DTCC has announced its intentions to start using Blockchain technology on a trial basis. DTCC is a leading firm....
Post-trade financial services giant DTCC has announced it is to host a blockchain event next month in New York City. Called the Blockchain Symposium, the day-long event will explore the business applications of blockchain technology for financial market infrastructures and the industry. The firm told CoinDesk in an email: “The aim of the program is to cut through the hype, discuss collaboration and use cases, and imagine what innovations the future may bring.” The 29th March event will feature Blythe Masters, CEO of blockchain startup Digital Asset Holdings, and J Christopher Giancarlo,....
In a letter to shareholders, the chief executive of major US clearinghouse DTCC wrote that the company seeks to be "at the forefront" of the development of blockchain and distributed ledger applications in the finance space. President and CEO Michael Bodson wrote in the letter that the company – which recently held a symposium on the technology and is working with industry startup Digital Asset Holdings on a post-trade blockchain trial – wants to play an active role in the exploration and adoption of the technology. Under a subsection entitled "Embracing Disruption",....