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The DTCC post-trade infrastructure giant has started the testing phase to reconfigure credit derivatives on distributed led technology (DLP) and cloud technology.
The process will include the participation of 15 of the world's largest global banks, which will conduct structured user acceptance tests to validate the interaction between systems, companies and other market infrastructure providers. DTCC plans to go live with the blockchain platform upon completion of the test phase by the first quarter of 2019.
The Giant DTCC trading industry checks the blockchain version of the credit derivatives platform
The Depository Trust & Clearing Corporation (DTCC), an American post-trade financial services company that provides clearing and settlement services to financial markets, has completed the development phase of the blockchain platform for its Trade Information Warehouse (TIW).
The test phase will start with 15 large banks that perform the first tests, exploiting simulated use cases and test data and validating the interaction between systems and other providers, such as MarkitSERV and its new platform for credit , explained DTCC DerivSERV, CEO Chris Childs.
"The transformation of DTCC's Trade Information Warehouse using distributed general accounting and cloud technology, along with the modernization of MarkitSERV's confirmation system, is truly a revolutionary effort that pushes the limits of technology usage in the industry. to work with a number of world-leading banks, MarkitSERV and all of our partners in this exciting initiative to revolutionize the derivative credit infrastructure, and we are looking forward to launching the service next year. "
The company, which is responsible for processing securities transactions valued at more than $ 1.61 million in 2017 alone, will count Barclays' participation to test the platform.
The bank's CTO, Lee Braine, expects the project to "increase efficiency and reduce costs and risks to the industry." TIW is DTCC's gold record for bilateral credit derivatives. The platform performs life cycle events, payment calculations and settlement. Through its public reporting through both free and unpaid transactions, TIW provides transparency to the market for the trading industry.
"The standardized nature of process flows and data models made credit derivatives an ideal test case for generalized accounting technology. Backed by common standards and data governance, a DLT-based TIW service will enable 39; industry to process and report to regulators from the same data record. "
DTCC has completely recoded the functionality of TIW using blockchain and the cloud in 18 months in partnership with IBM, which led the initiative with program management, DLT experience and integration services. Axoni, with its blockchain infrastructure and its intelligent applications, has also worked on the project together with the R3 solution consultant.
After successfully completing the test phase limited to 15 banks, the post-trading market infrastructure company plans to open the trial version to other market participants and service providers by the end of 2018, and subsequently to live with the blockchain platform once the test is completed, by the 1st quarter of 2019.
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