ICAP Successfully Completes After-Hours Blockchain Trial

On March 16, interdealer brokerage firm ICAP announced that it had completed an internal trial of blockchain technology for the post-market processing of securities.

ICAP said the trial, which was conducted by the firm’s Post-Trade Risk and Information division and started last month and concluded on February 26, was facilitated by blockchain startup Axoni.

The British company said the test used a multi-asset messaging and matching network called Harmony, through which messaging information was converted into blockchain smart contracts in real time.

ICAP explained:

“These smart contracts are then distributed to nine representative participating nodes on the blockchain network, where transactions are appended with additional services such as valuation, compression and reporting.”

The company said the test results showed that blockchain technology could improve the security and accuracy of data during post-market processing while also saving office expenses.

Jenny Knott, CEO of ICAP’s post-trade division, said in a statement:

“In successfully completing a proof of technology test, ICAP demonstrated the first real-world application of distributed ledger technology that has the potential to significantly change the after-hours processing landscape.”

The trial is the latest demonstration of how blockchain technology can be applied to after-hours transactions, which include the approval of trades and the exchange of assets and funds between trading parties once a trade has been initiated.

Other companies that have recently started working in the blockchain space include Japan’s Mizuho Bank, and regulators like the European Securities and Markets Authority (ESMA). Last fall, the London Stock Exchange, Societe Generale, and UBS formed a working group to study blockchain’s after-hours applications.

Original article: http://www.coindesk.com/icap-completes-post-trade-blockchain-trial/
By Stan Higgins
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/icap-completes-post-trade-blockchain-trial)