The Royal Bank of Canada said a blockchain system it is testing creates an efficient, cost-effective way to clear and settle securities.

The bank, working with Payments Canada, stock exchange operator TMX Group, consultant Accenture and blockchain firm R3, was testing blockchain as part of a larger project, Jasper, to develop and test a proof of concept (POC) system linked to existing market infrastructures.

“The POC intended to bring together securities and cash ledgers for CDSX [Canada’s clearing and settlement system for securities] and participants in Payments Canada’s Large Value Transfer System (LVTS) to facilitate daily consolidated cash reporting and Canadian-dollar settlement of CDSX obligations,” according to a Jasper progress report.

Blockchain “is a promising technology that has the potential to reduce costs for participants and open new opportunities,” said Bank of Canada Director Scott Hendry in a statement. Read more here.

ThirtyK Staff
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