Interdealer broker ICAP announced today that it has completed an internal blockchain technology trial focused on securities post-trade processes.
ICAP's Post Trade Risk and Information division conducted the test last month, completing it on 26th February, the firm said, with blockchain startup Axoni providing the software infrastructure for the trial.
The UK-based firm said that the test involved the use of a multi-asset messaging and matching network called Harmony, from which messages were converted, in real time, to smart contracts built on a blockchain.
"The smart contracts were then distributed to nine representative participant nodes on the blockchain network, where trades were permissioned for additional services such as valuation, compression and reporting."
The company said that the test results showed how blockchain technology can improve the security and accuracy of data flows in the post-trade environment, as well as cut back-office costs.
"In successfully completing a proof of technology test, ICAP has demonstrated one of the first real world applications of distributed ledger technology that has the ability to significantly transform the post trade landscape," Jenny Knott, CEO of ICAP’s post trade division, said in a statement.
The trial is the latest effort to demonstrate how blockchain tech could be applied to post-trade processes, during which transactions are approved and the assets and cash involved are exchanged between the parties after a trade has taken place.
Firms like Japanese bank Mizuho and regulators such as the European Securities and Markets Authority (ESMA) have recently conducted work in this area. Last fall, a group of companies including the London Stock Exchange, Société Générale and UBS formed a working group specifically focused on post-trade applications of the technology.
This article has been updated.
Image via Shutterstock
A16z Leads Investors in $20 Million Token Presale for Crypto Assets Platform
Asset tokenization platform TrustToken just raised $20 million in a strategic token sale with the help of major venture corporations, including Andreessen Horowitz (a16z).
The startup announced Mon
John McAfee Won't Promote ICOs Anymore Because of 'SEC Threats'
John McAfee, the cybersecurity tycoon-turned-cryptocurrency promoter said Tuesday that he will end his work on initial coin offerings (ICOs).
In a tweet, McAfee cited "SEC threats" when revealing t
Crypto Startup Circle Reveals How It Chooses New Token Listings
Blockchain startup Circle has released new details about how it will select cryptocurrencies for its trading and investment platforms.
On Tuesday, the firm published its Asset Framework, providing
IBM, Mediaocean Partner to Tackle Ad Industry Opacity with Blockchain
IBM iX – Big Blue's digital strategy arm – and ad software provider Mediaocean are teaming up to form a blockchain consortium aimed to solve some of the biggest issues in the advertising world.
Crypto Trading Without License Is 'Illegal,' Cambodian Regulators Say
Authorities in Cambodia have announced that domestic investors are now required to obtain a license in order to purchase, sell or trade cryptocurrencies – activities that would be otherwise regarded a
Internet Cafes Hacked to Mine $800k in Siacoin Cryptocurrency
A group of hackers has allegedly colluded with computer maintenance firms in China to hack into computers owned by internet cafes to mine cryptocurrency.
According to a local news report on Saturda
$7k? Bitcoin Price Looks North After Six-Day High
Despite the bearish chart setup, bitcoin (BTC) rose to a six-day high on Monday, putting a corrective rally to $7,000 back on the map.
The leading cryptocurrency unexpectedly picked up a bid around
Former Indian Lawmaker Declared 'Offender' in Bitcoin Extortion Case
A former Indian legislator who was allegedly involved in a $1.3 million bitcoin extortion case has been declared a "proclaimed offender" by a local court.
According to The Indian Express, a session