The company that quietly touches many of the world’s financial transactions is getting closer to moving derivatives processing onto the blockchain.

The Depository Trust & Clearing Corporation (DTCC) announced Tuesday it has entered the testing phase as it shifts its Trade Information Warehouse, or TIW, to distributed ledger technology and cloud computing.

The DTCC clears and settles trades of securities including stocks, bonds, money market instruments and over-the-counter credit derivatives. The TIW is its system for processing derivatives and automates record keeping, payment management and other tasks for more than $11 trillion worth of these securities.

In the current phase of the project, 15 of the world’s largest banks will conduct a range of tests on the new platform. DTCC said in a press release that it expects to start “open” testing by year’s end when it will enable other “participants and service providers” to get involved. Testing is scheduled to finish by the first quarter of next year, and the system should go live soon afterward.

The DTCC said the new platform would ensure more secure sharing of transaction data, streamline derivatives processing and improve the company’s ability to introduce new products and services that can “enhance the post-trade process.”

The project has drawn significant interest because of the DTCC’s large role in the global financial services industry. The 45-year-old organization processes about 90 million financial transactions daily and is the clearinghouse for more than 50 exchanges and equity platforms. It has multiple data and operating centers around the world.

ThirtyK Staff
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