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Fifteen leading global banks are joining the Depository Trust & Clearing Corporation (DTCC) as it moves to the testing phase of its project to re-platform its credit derivatives Trade Information Warehouse (TIW) using distributed ledger technology (DLT) and cloud.
The TIW, DTCC said, serves as the “golden record” for bilateral credit derivatives. It currently automates the record keeping, lifecycle events, and payment management for more than $11 trillion of cleared and bilateral credit derivatives.
DTCC first announced its plans to build the next generation TIW in January 2017 and selected IBM, in partnership with Axoni and R3, to provide a DLT framework to drive further improvements in derivatives post-trade lifecycle events.
“IBM is leading the initiative by providing program management, DLT expertise, and integration services. Axoni provides the distributed ledger infrastructure and smart contract applications built on the AxCore blockchain protocol, with R3 acting as a solution advisor,” DTCC said adding that the development is now complete.
In the testing phase, the participating banks will conduct end to-end, structured user acceptance tests, leveraging 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.
“The transformation of DTCC’s Trade Information Warehouse using distributed ledger and cloud technology, along with the modernization of MarkitSERV’s confirmation system, is truly a ground-breaking effort pushing the boundaries of technology use in the industry,” stated Chris Childs, CEO of DTCC DerivSERV. “We look forward to launching the service next year.”
DTCC plans to move to an “open” testing phase by the end of the year, which will allow other market participants and service providers to test the solution. Testing is expected to be completed by Q1 2019 with go-live scheduled thereafter.
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