{"id":46357,"date":"2022-08-22T22:27:15","date_gmt":"2022-08-23T02:27:15","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/clearinghouses-blockchain-based-settlement-system-goes-live\/"},"modified":"2022-08-23T03:27:49","modified_gmt":"2022-08-23T07:27:49","slug":"clearinghouses-blockchain-based-settlement-system-goes-live","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/clearinghouses-blockchain-based-settlement-system-goes-live\/","title":{"rendered":"Clearinghouse\u2019s blockchain-based settlement system goes live"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a06306e73a9c]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a06306e73a9c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Clearinghouse\u2019s blockchain-based settlement system goes live<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a06306e7a30b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">August 22, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a06306e7c93a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>This article was written by Yueqi Yang and Anna Irrera. It appeared first on the Bloomberg Terminal.<\/i><\/p>\n<p class=\"bi-text\">The main clearinghouse for the US stock market has switched on a settlement system built on blockchain, calling it a \u201cmilestone achievement\u201d for adopting digital technologies in markets.<\/p>\n<p>Depository Trust &amp; Clearing Corp.\u00a0said on Monday that its \u201cProject Ion\u201d platform is now processing around 100,000 bilateral equity transactions a day in parallel with its existing settlement systems, which remain the authoritative record. At peak level, the platform can reach about 10% of the bilateral equity volumes handled by the firm\u2019s classic settlement systems.<\/p>\n<p>There is no specific timeline for when and if the Project Ion platform, roughly\u00a0<a href=\"https:\/\/www.dtcc.com\/news\/2020\/may\/18\/dtcc-unveils-proposals-to-explore-further-digitalization\" target=\"_blank\" rel=\"noopener noreferrer\">two years in the making<\/a>, will replace the current system, Michele Hillery, DTCC\u2019s general manager of equity clearing and DTC settlement service, said in an interview. The decision will depend on the technology\u2019s performance, client feedback and regulatory approval.<\/p>\n<p>\u201cWe need to explore and vet it, see how it performs and determine how to best move the platform forward,\u201d Hillery said. DTCC made a deliberate decision to take a \u201ccautious and sensible\u201d approach by starting Project Ion as a parallel system, she added.<\/p>\n<p>DTCC, which facilitated the settlement of $152 trillion worth of securities trades last year, is one of many financial institutions that have been experimenting with blockchain-based systems since the technology started appearing on Wall Street about seven years ago.<\/p>\n<p>Banks, exchanges and other market structure participants have stepped up blockchain investment, betting the technology underpinning cryptocurrencies like Bitcoin can help drive down costs and streamline some of their most complex behind-the-scenes processes, such as settlement.<\/p>\n<p>So far, however, most projects remain at the experimental stage, and blockchain\u2019s benefits in traditional finance have remained elusive. In one of the most ambitious cases, Australia\u2019s main securities exchange operator ASX announced plans to replace its main trading applications with a blockchain-based system. But the project has suffered from delays and is\u00a0<a href=\"https:\/\/bloom.bg\/3dCNOok\" target=\"_blank\" rel=\"noopener noreferrer\">not expected<\/a>\u00a0to go live before late 2024.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Crypto market analysis, data, and insight, delivered monthly to your inbox.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3655018511509688498\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/account\/newsletters\/crypto\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Project Ion runs on a private, permissioned blockchain, unlike the public ones underlying most cryptocurrencies. It is being built to settle transactions either two or one days after the trade, or on the same day. Potential benefits of using blockchain include simplifying reconciliation processes and making data more accessible, Hillery said.<\/p>\n<p>DTCC developed the platform with technology provider R3 and in collaboration with market participants including Goldman Sachs Group Inc., Citadel Securities and Robinhood Securities. It is working on an expansion of Project Ion, including potentially applying it to other assets, such as corporate bonds and municipal bonds.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a06306e82336]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a06306e82336'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n  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Existing settlement systems remain the authoritative record.<\/p>\n","protected":false},"author":1686,"featured_media":40834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"3320","footnotes":""},"categories":[453,444],"tags":[767,581,574,445],"series":[],"class_list":["post-46357","post","type-post","status-publish","format-standard","hentry","category-markets","category-trading","tag-767","tag-cryptocurrency","tag-news","tag-sales-and-trading","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Clearinghouse\u2019s blockchain-based settlement system goes live | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"DTCC platform settles some 100,000 equity transactions per day. 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