Icap Completes Blockchain Proof of Technology
Firm's PTRI division partners with blockchain fintech vendor Axoni.
The PTRI used the multi-asset messaging and matching Harmony network and blockchain technology from Axoni in order to create a peer-to-peer, distributed ledger network using smart contracts. The firms' partnership is grounded in Axoni's involvement in Euclid Opportunities, Icap's fund that invests in early-stage fintech companies.
The proof of technology was tested by using bilaterally executed spot/forward foreign exchange (FX) block trades. Matched messages from Traiana's Harmony network were imported and then converted in real time to blockchain-based smart contracts.
Smart contracts were distributed to nine representative participant nodes on the blockchain network. Trades were permissioned for additional services such as valuation, compression and reporting.
According to a statement by Icap, the proof of technology showed the potential to do several different things, including:
- Provide a common golden source of user transaction and reference data cross asset
- Enrich and enhance the accuracy and timeliness of data by users and attach further information
- Continuously update copies of the data to be stored locally on users' servers
- Securely code messages to be viewed only by permissioned participants
- Reduce operational risk and improve reconciliation and operations processes
- Realize multiple back-office and technology cost savings
Icap also said in a statement the proof of concept shows there is the potential to grow existing PTRI solutions without disrupting the basic roles of current market participants or requiring firms to immediately switchover from their existing architecture.
"In successfully completing a proof-of-technology test, Icap has demonstrated one of the first real-world applications of distributed ledger technology that has the ability to significantly transform the post-trade landscape," said Jenny Knott, CEO of PTRI, in a statement. "Realizing the value of Icap's unique portfolio of PTRI businesses and investee companies, we have combined our expertise, networks and technology with Axoni's distributed ledger technology to push the boundaries of post-trade innovation."
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.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
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. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Court case probes open-source licenses as movement stands at crossroads
The Software Freedom Conservancy’s lawsuit against TV-maker Vizio begins trial in California, raising questions about open-source licenses and the risks posed by adhering to them.
Waters Wavelength Podcast: Countdown to T+1
DTCC’s Val Wotton joins the podcast this week to discuss the impending move to T+1 in the US.
Hub to lay off 20% of staff, sources say
Hub’s CEO says this is simply a case of a startup trying to stay nimble and efficient; others say it points to deeper issues.
Fighting FAIRR: Inside the bill aiming to keep AI and algos honest
The Financial Artificial Intelligence Risk Reduction Act seeks to fix a market abuse loophole by declaring that AI algorithms do not have brains.
Waters Wrap: The rise of AI washing… and regulation washing?
The SEC recently levied fines against two investment advisors over “AI washing”. Anthony takes issue with the announcement.
This Week: Brown Brothers Harriman, BNY Mellon/Nvidia, Cboe, Eurex, and more
A summary of the latest financial technology news.
This Week: SS&C unveils T+1 preparedness scorecard; S&P/DTCC; SmartStream & more
A summary of the latest financial technology news.
The bank quant who wants to stop genAI hallucinating
Former Wells Fargo model risk chief Agus Sudjianto thinks he has found a way to validate large language models.
Most read
- Women in Technology & Data Awards 2024: All the winners and why they won
- Witad Awards 2024: Above and beyond award (vendor)—Susan Bennett, Tradeweb
- Fighting FAIRR: Inside the bill aiming to keep AI and algos honest