With Blockchain, Don't Boil the Ocean
Peter Cherecwich, president of global funds services at Northern Trust, shares his thoughts on blockchain.
In the early 1990s, banks, custodians and broker-dealers began investing money in the formation of the Global Straight Through Processing Association (GSTPA). The goal of the group was to come up with a new settlement infrastructure that would settle all trades and make things more efficient for the entire securities industry. Millions of dollars were poured into GSTPA from the sell side.
Despite initial funding and support, the group dissolved in November 2002, just over two months after its
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