DTCC Picks IBM, Axoni, R3 to Develop Distributed-Ledger Solution for Derivatives Processing
IBM and Axoni to develop DLT-based replacement for existing Trade Information Warehouse; R3 to act in advisory role.
The project aims to develop a distributed-ledger technology (DLT) framework to "re-platform" the DTCC's existing Trade Information Warehouse (TIW), which automates record-keeping, lifecycle events and payment management for approximately $11 trillion of cleared and bilateral credit derivatives.
Chris Childs, CEO of DTCC Deriv/SERV, tells WatersTechnology that the TIW is regarded by the industry as the "gold copy record" of credit default swap (CDS) contracts for around 95 percent of the global
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