DTCC to Rebuild Credit Default Swaps Clearing Platform on the Blockchain

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Despite the initial skepticism about Bitcoin on Wall Street, it is now commonly accepted that its underlying distributed ledger technology will play a significant role in the future of financial services. The blockchain’s importance has again been reiterated on January 9 when the Depository Trust Clearing Corporation (DTCC) announced that it would rebuild its credit default swaps clearing platform on top of blockchain technology.
 
The revamped version of the platform that currently processes over $11 trillion worth of credit default swaps transactions will be developed by IBM in cooperation with blockchain startup Axoni and the R3 banking consortium. The three firms will collaborate to build a distributed ledger solution for post-trade processing based on the DTCC’s Trade Information Warehouse’s (TIW) existing infrastructure. Leading financial institutions Barclays, Citi, Credit Suisse, Deutsche Bank,


Read more ... source: TheBitcoinNews

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