Clearmatics Technologies, a provider of decentralised digital cash settlement systems and XTX Markets have lifted the veil on a six month project to build a member-owned network for the automation of collateral management and settlement.
The network will focus on providing its members with a service that automates collateral management processes within financial markets and enables settlement of collateral calls. The launch of the network is planned for 2020.
Mike Irwin, COO at XTX, says, “The current technology, processes and market infrastructure around collateral management are antiquated and resulted in greater operational risk in the system. Partnering with Clearmatics to modernise how collateral obligations and their associated processes are managed today makes absolute sense.”
Over the coming months Clearmatics and XTX Markets, in collaboration with other founders, say they will be applying for the regulatory approvals necessary for go-live.