Digital Asset & DTCC Partner to Form Blockchain for Repo Clearing
Post-trade market infrastructure provider DTCC, the Depository Trust & Clearing Corporation and blockchain startup Digital Asset Holdings have announced plans to develop distributed ledger solutions to improve the current process he clearing and settlement of repurchase agreement (repo) transactions. In a new announcement by DTCC and Digital Asset, the firms will develop and test a distributed ledger or blockchain-based solution to manage the clearing and settlement of U.S. Treasury, Agency and Agency Mortgage-Backed repurchase agreement or repo transactions. With the endeavor, the....
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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....
Depository Trust & Clearing Corp. (DTCC), a firm at the center of Wall Street’s trading infrastructure, is about to launch an important test of distributed ledger technology: seeing whether it can provide workable solutions for the $2.6 trillion repo market, The Wall Street Journal reports. DTCC will collaborate with Digital Asset Holdings for planning and running the test. Earlier this year, DTCC participated in a $52 million funding round for Digital Asset Holdings, with other investors including JP Morgan, Citi, Accenture, CME Group and ASX, the company behind Australia’s stock....
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....
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....
Digital currency startup Ripple Labs has appointed Donald Donahue, former CEO of the Depository Trust & Clearing Corporation (DTCC) as an advisor to the company. DTCC is the main clearing house for US securities and derivatives, processing more than $1.6 quadrillion in transactions per year. In his role as COO and then CEO, Donahue is thought to have led the DTCC's efforts in stabilising the financial system following the 2007-08 market crash. Donahue said in a company statement: