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UK-based Electronic Dealer-Broker, Applying Blockchain for Trading Data

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UK-based Electronic Dealer-Broker, Applying Blockchain for Trading Data

ICAP,  (Intercapital) UK-based electronic dealer broker, also a supplier of post trade risk help, said “It has grow into distributed data on trades to clients using the same blockchain technology that underpins bitcoin|.  ICAP has adopted blockchain to nourish clients essential data for reporting trades to the regulators or to shelter risk from trades, such as by sending the total amount of collateral or cash at clearing houses.  During a “proof of technology” run last month, data on forex trades were distributed over blockchain to nine participants

ICAP believes banks could save money in middle and back-office functions by depending on the golden source data to meet particular requirements, rather than having to frequently “re-validate” the trades in their personal systems for each application.  Jenny Knott chief Executive of ICAP said “We believe we are the first to do this using distributed ledger and blockchain technology”. 

A bank is only allowed  to access its own trades in the ledger.  ICAP distributed ledger system would be rated to cover all, and not just new, trades to show that the data is stable and give financial institutions the assurance to turn off their in-house technology.  Knott said, “What we are going to do now is work with our partner banks to develop parallel technology to add all asset classes and all trades,”

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