ICAP will process foreign exchange transactions using Blockchain
ICAP, a leading market in charge of the operation and mitigation of post-trade and information risk, will start processing currency transactions in blockchain and supply the code to customers in March 2017.
Headquartered in the United Kingdom ICAP will use its subsidiary ‘Traiana’ in collaboration with US technology firm Axoni. Traiana acts as a courier center for $ 2 trillion of currency, income fixed and swaps deals and is set to play a key role as the system makes a transition from trust to brokers to the new digital market infrastructure.
“By the end of March, customers will be able to access their own
nodo in the blockchain. We create a digital record in a cloud vault and also in Blockchain. We are building a technology platform called Nex and the licensing of the legal entity Traiana, so we can run both systems in parallel. With the time we can turn off the old system” said Jenny Knott, risk management and post-trade information Director at ICAP.
Traiana offers services to monitor the pre-trade risk and automate post-trade processing of financial transactions in quoted and over-the-counter markets. Conciliate the data of the transactions, references, markets and wallets before being passed on to regulators, clearing houses or financial institutions.
With blockchain technology, institutional investors could track and value their transactions more transparently in the spot market. The news follows reports suggesting that ICAP is building a Blockchain called ‘Rosetta Stone’ to improve its post-trade process.
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