DTCC, which settles the majority of U.S. security trades has announced a major milestone in the development of a blockchain that could support up to $11 trillion of credit derivatives. DTCC has partnered with FinTech Collective portfolio company Axoni, IBM, and blockchain consortium R3 to develop the technology.
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DTCC Milestone: $11 Trillion in Derivatives Gets Closer to the Blockchain
For example, Palatnick said that the open-source community will be able to examine Axoni's DTCC implementation following the completion of the project. Before then, though, additional tests and a series of integrations – both with the TIW itself and external parties – need to be executed. The DTCC is currently working with regulators to align Axoni's built-in reporting database with regulatory requirements. According to Palatnick, the reports have to be as good as existing ones, and that the companies involved are making sure that happens.
