Brazil’s BM&FBovespa has become the first exchange to join the R3 network to pursue market uses of distributed ledger technology.
R3, a blockchain technology provider, leads the network of over 60 global financial institutions to explore blockchain’s commercial uses.
David Rutter, CEO of R3, said: “Distributed and shared ledger technology can transform the way in which financial market infrastructures such as BM&FBovespa issue, record and transfer assets, enabling transactions and reference data to be visible to all relevant parties on the ledger.”
“This can cut effort and costs dramatically. We are pleased to welcome BM&FBovespa to our growing network of consortium members in Brazil.”
Fabio Dutra, client and business development managing director at BM&FBovespa, added: “We believe that strong collaboration with our customers, regulators and vendors is crucial to future-proof financial and capital markets.”
“Innovation with appropriate regulatory oversight is paramount to making the Brazilian markets even more efficient and reliable. Shared ledger technology may play an important role here.”
