U.K.-based Global Markets Exchange Group (GMEX Group) has announced the integration of uClear, a real-time clearing and settlement platform that uses blockchain technology.
Launched today, uClear is a product of uTrade Solutions, based in India, that enables real-time clearing and settlement of contracts across the cash and derivatives segments of the financial markets.
Built on Multichain, the solution is aimed at exchanges and trading venues, allowing them to clear trades post execution more efficiently through a private blockchain. uClear comes integrated with a set of features that includes real-time risk management, report and transfer instruction generation.
The release of the platform comes at a time when interest in blockchain technology is growing fast among Indian banks and IT companies. In May, Livemint reported that Axis Bank Ltd. has been “aggressively” looking at blockchain technology. In April, EdgeVerve, a subsidiary of India’s second largest IT services company Infosys, launched the EdgeVerve Blockchain Framework, a permissioned ledger that allows banks to deploy blockchain-enabled solutions for varied business areas such as trade finance, inter-entity payments, secure store of documents and smart contract infrastructure.