IBM Partners With Wall Street to Bring Blockchain to CDS Market
- DTCC leads effort to move CDS management to blockchain by 2018
- JPmorgan, UBS gave input to update $11.7 trillion CDS market
QuickTake: Bitcoin and the Blockchain
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Wall Street’s largest back-office processing service is partnering with IBM to upgrade how payments and record-keeping for credit-default swaps are handled by putting the system on a blockchain by early next year.
Depository Trust & Clearing Corp., the New York-based utility that settles and clears all stock and bond trades in the U.S., is seeking to reduce redundancies and cut costs in the system that manages $11.7 trillion in outstanding credit swaps, the company said in a statement Monday. International Business Machines Corp., as well as blockchain startups R3 and Axoni, will help DTCC create the single network of credit-swaps users.