Tag: distributed ledger

distributed ledger

De-Mystifying Blockchain

Speakers at Profit & Loss’ Forex Network London tried to “de-mystify” blockchain technology as they talked about its practical applications within the financial services industry.

Andy Coyne, CEO of Cobalt DL, explained that when he first began looking at how blockchain technology could be applied to post-trade FX he found that there was a lot of noise and hype around the technology, but that there was a dearth of companies actually ready to implement it in a practical manner.

Coyne said that he looked at the issue that his firm was trying to solve, which was how to reduce cost and risk in post-trade processes, and then started examining if and how this technology could help.

DTCC Announces Partners for New DLT Project

The Depository Trust & Clearing Corporation (DTCC) has selected IBM, in partnership with Axoni and R3, to provide a distributed ledger technology (DLT) framework for derivatives post-trade lifecycle events.

The firms will work collaboratively to re-platform DTCC’s Trade Information Warehouse (TIW), building a derivatives distributed ledger solution for post-trade processing based on existing TIW capabilities and interfaces with technology providers and market participants.

The TIW service currently automates the record keeping, lifecycle events, and payment management for more than $11 trillion of cleared and bilateral credit derivatives.

Cobalt Partners with SETL for Blockchain Platform

Cobalt DL (Cobalt), which plans to launch distributed ledger-based FX post-trade platform in 2017, has announced a partnership with SETL to deploy its Open CSD distributed ledger within the platform.

Although a spokesperson for Cobalt declined to name a targeted go-live date for the platform next year, the firm claims that it has 15 institutional FX participants already committed to the service.

Profit & Loss previously reported on Cobalt’s plans to try and reduce post-trade costs for financial services firms by creating a shared view of trade data.

Visa, Chain to Launch Blockchain Payments System

Visa is partnership with Chain to launch a new business-to-business (B2B) payments platform using blockchain technology.

The new platform, Visa B2B Connect, will be built using Chain Core, an enterprise blockchain infrastructure that is designed to facilitate financial transactions on scalable, private blockchain networks.

The plan is for Visa to use this technology to develop a near real-time transaction system designed for the exchange of high-value international payments between participating banks on behalf of their corporate clients.

The platform will be managed by Visa end-to-end and the firm says it will facilitate a consistent process to manage settlement through Visa’s standard practices.

R3 Expands Singapore Presence with Lewis Hire

Antony Lewis has taken a job as a director in R3 CEV’s lab and research centre in Singapore.

Prior to this new role, Lewis was working as a consultant, focused on helping financial services firms understand fintech, blockchains and distributed ledgers.

Between 2013 and 2015 he was part of a venture capital funded bitcoin startup, itBit, working as an institutional client group director.

Before that, he spent four years at Credit Suisse, working initially as an FX business analyst in London and then later as an FX technology project manager in Singapore.

ISDA Calls for Infrastructure Standardisation

The International Swaps and Derivatives Association (ISDA) has published a whitepaper calling for greater standardisation and automation of derivatives market infrastructures.

The new paper, The Future of Derivatives Processing and Market Infrastructure, highlights a number of challenges with existing structures and processes, and recommends several steps the derivatives industry can take to create efficiencies – in particular, by embracing opportunities for further standardisation.

“The derivatives industry has become reliant on legacy infrastructures and processes that have been layered on top of each other over time. That might be the result of historical acquisitions, where the respective systems haven’t been fully integrated. More recently, the sheer pace of regulatory change has meant firms have been under pressure to tackle the next pressing deadline. The result is a derivatives infrastructure that is duplicative and based on incompatible operating standards, and this isn’t sustainable,” says Scott O’Malia, CEO of ISDA.

BM&FBovespa Becomes First Exchange to Join R3

BM&FBovespa is the latest financial services firm to join the R3 partnership that aims to design and apply distributed and shared ledger-inspired technologies to global financial markets.

The exchange group will join over 60 other financial institutions in the consortium, where it will collaborate on research, experimentation, design and engineering to help develop distributed ledger technology that meets the financial and capital markets requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems.

Consortium members work closely with R3 to develop Corda, its shared ledger platform specifically designed to record, manage and synchronise financial agreements between regulated financial institutions.

Long Named as President and Chairman of Symbiont

Symbiont, a provider of smart contracts and distributed ledgers in financial markets, has appointed Caitlin Long as its president and chairman of the board of directors. In these roles Long will be responsible for commercialising Symbiont’s blockchain technology, encompassing business strategy and client relationships. Long brings 22 years of experience on Wall Street to Symbiont, […]

Former Traiana Exec Launches Blockchain Initiative

Cobalt DL says that it has commenced beta testing with a number of leading FX participants on its private peer-to-peer network that uses distributed ledger technology in order to try and reduce post-trade cost and risk. Andy Coyne, co-founder of Cobalt DL, stresses to Profit & Loss that the initial innovation that his firm will […]

R3 Completes FX-Focused Distributed Ledger Prototype

R3 and 15 member banks of its consortium have completed two distributed ledger prototypes that it claims prove the usefulness of the technology in addressing USD FX trading issues. The banks designed and utilised self-executing transaction agreements – so-called smart contracts -on R3’s Corda distributed ledger platform to process accounts receivable (AR) purchase transactions, also […]