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Screenshot of a breaking news alert e-mail from Q2 2017
Markets operator and provider of post trade risk mitigation and information services ICAP plc (LON:IAP) today announces that its Post Trade Risk and Information (PTRI) arm has successfully completed a proof of technology test case for a distributed ledger using blockchain technology.
The proof of technology completed on February 26, 2016 , the company said today.
The PTRI distributed ledger proof of technology leveraged the multi asset messaging and matching Harmony network, and blockchain infrastructure provided by NY-based technology firm Axoni.
The PTRI division imported matched messages from Harmony and converted them in real time to blockchain-based smart contracts. The smart contracts were then distributed to nine representative participant nodes on the blockchain network, where trades were permissioned for additional services such as valuation, compression and reporting.
The proof of technology showed the potential to:
- provide a common golden source of user transaction and reference data cross asset;
- 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 permitted participants;
- minimize operational risk and improve reconciliation and operations processes;
- realise multiple back office and technology cost savings.
Over the next months, the PTRI business will talk to participants on how they can access the new golden data source and commence work to realise technology savings in disparate systems, while ensuring compliance with regulations intended to make markets safer and more efficient.
Jenny Knott, CEO of ICAP’s Post Trade Risk and Information Services division, says,
“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. Realising 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.”
Greg Schvey, CEO of Axoni, says,
“Partnering with ICAP was an easy choice. There’s no shortage of demand for distributed ledger projects. ICAP’s thoughtful consideration of where this technology can be most valuable, its ambitious deployment objectives, and market-leading client reach offer a high probability of success when combined with Axoni’s advanced blockchain infrastructure.”
For the official announcement from ICAP, click here.