UBS Heads Up Group of Four Banks Creating New Digital Currency
UBS, Deutsche Bank, Santander and BNY Mellon come together to create an industry standard for clearing and settlement over blockchain.
Deutsche Bank, Santander and BNY Mellon, along with interdealer broker Icap, have partnered with UBS, according to the FT story, which says the firms are pitching the idea to central banks and hoping to launch by early 2018.
UBS initially began working on the idea in September 2015, according to a Reuters report. The Swiss bank created a utility settlement coin (USC) that is a digital currency backed by cash assets at a central bank, according to the report.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
M&A activity, syndicated loans, a new tariff tool, and more
The Waters Cooler: LSEG and LeveL Markets partner for new order type, QuantHouse gets sold to Baha Tech, and Fitch Ratings has a new interactive tool in this week’s news roundup.
Nasdaq, AWS offer cloud exchange in a box for regional venues
The companies will leverage the experience gained from their relationship to provide an expanded range of services, including cloud and AI capabilities, to other market operators.
OCC’s security chief on generative AI with guardrails
Clearinghouse looks to scale technology across risk and data operations—but safety is still the watchword.
Bank of America reduces, reuses, and recycles tech for markets division
Voice of the CTO: When it comes to the old build, buy, or borrow debate, Ashok Krishnan and his team are increasingly leaning into repurposing tech that is tried and true.
Waters Wavelength Ep. 313: FIS Global’s Jon Hodges
This week, Jon Hodges, head of trading and asset services for Apac at FIS Global, joins the podcast to talk about how firms in Asia-Pacific approach AI and data.
Project Condor: Inside the data exercise expanding Man Group’s universe
Voice of the CTO: The investment management firm is strategically restructuring its data and trading architecture.
BNP Paribas explores GenAI for securities services business
The bank recently released a new web app for its client portal to modernize its tech stack.
Bank of America and AI, exchanges feud with researchers, a potential EU tax on US tech, and more
The Waters Cooler: Broadridge settles repos in real time, Market Structure Partners strikes back at European exchanges, and a scandal unfolds in Boston in this week’s news roundup.
