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Nasdaq has asked the U.S. Securities and Exchange Commission (SEC) to develop clearer regulatory policies for digital assets. Nasdaq emphasized the importance of clear classification of digital assets as well as proposed that some be classified as financial securities. Nasdaq believes this classification will establish unified regulatory standards for crypto assets and traditional securities. Nasdaq […]
The Depository Trust & Clearing Corporation (DTCC) has pledged to support the ERC-3643 token standard, signaling a move towards greater standardization in the blockchain space. This commitment is significant as the DTCC plays a crucial role in the financial industry and its adoption of the ERC-3643 standard could have far-reaching implications. The ERC-3643 token standard [...]
The post DTCC Boosting Adoption of ERC3643 Token Standard for Enhanced Engagement appeared first on Crypto Breaking News.
According to a press release made today, the New York-based post-trade financial services company, The Depository Trust & Clearing Corp. (DTCC), which processes all trades in the US stock market, has launched a private blockchain project called Project Ion aimed at settling trades more quickly for clients.
The DTCC acts as the counterparty for the majority of trades in the US and it supports the entire public securities market.
DTCC’s Project IonProject Ion was first created as a pilot program in 2020 before moving to the development phase in September of the same year.
As of now, Project Ion processes an average of more than 100,000 bilateral equity transactions per day in a parallel processing environment using distributed ledger technology. On a peak day, the transactions processed by the blockchain can go to as high as 160,000 transactions per day.
Project Ion is designed to support end-of-day (T+0) settlement cycles leveraging blockchain technology.
At the moment, stock market trades across the stock markets take an average of two days to settle. The Securities and Exchange Commission (SEC) has however proposed speeding the transactions up in February in the wake of the highly volatile meme stock market.
Last year, Robinhood (HOOD) CEO Vlad Tenev said that the introduction of the T+0 settlement would go a long way in preventing volatile markets like AMC Entertainment Holdings Inc (NYSE:AMC) and GameStop Corp (NYSE:GME),.
The DTCC’s blockchain project is however private and permissioned unlike many popular blockchain networks like Ethereum and Bitcoin. DTCC is developing the project in collaboration with the likes of Citi (C), Charles Schwab (SCHW), Barclays (LON:BARC), Citadel Securities, Credit Suisse (CS), BNY Mellon (BK), and software provider R3.
The software provider R3 provided Project Ion with Corda distributed ledger technology (DLT) software.
The post Wall Street giant DTCC launches private blockchain platform for faster trades appeared first on Invezz.
The prototype aims to examine the ability of US clearing and settlement infrastructure to support the US central bank digital currency using a DLT platform. (Read More)
Distributed ledger technology can help solve longstanding challenges in US financial markets, the report says.
Trading platforms and regulators are increasingly embracing cryptocurrency as collateral for trades.
The DTCC aims to invite market participants to address pain points and let clients try DTCC products on their own use cases.
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