DTCC has advanced to the testing phase of its project to re-platform its credit derivatives Trade Information Warehouse (TIW) on distributed ledger technology and cloud.
In this phase, 15 global banks are conducting end-to-end structured user acceptance tests, DTCC revealed.
The banks leverage simulated use cases and test data and validating the interaction between systems, firms, and other key market infrastructure providers including MarkitSERV and its new platform for credit, TradeServ.
Upon successful completion, DTCC expects to move to an open testing phase by the end of the year, when other market participants and service providers will have an opportunity to test.
According to DTCC, testing is anticipated to be completed by Q1 2019 with go-live scheduled thereafter.
Chris Childs, CEO of DTCC DerivSERV, stated: “The transformation of DTCC’s Trade Information Warehouse using distributed ledger and cloud technology, along with the modernisation of MarkitSERV’s confirmation system, is truly a ground-breaking effort pushing the boundaries of technology use in the industry.”
“We are proud to be collaborating with a number of the world’s leading banks, MarkitSERV and all our partners on this exciting initiative to revolutionise the derivative industry’s credit market infrastructure. We look forward to launching the service next year.”
Lee Braine, CTO at Barclays, commented: “We are pleased to be working with DTCC, our partners and colleagues on this exciting project to bring distributed ledger technology to life in a demonstrable way that will enhance efficiencies and lower costs and risks for the industry.”
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