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DTCC(Depository Trust & Clearing Corp) is a silent giant on Wall Street that operates and trades more than $40 trillion in the U.S stock market.
DTCC recently joined the crypto-revolution, and the live testing process began on Monday to check whether it is up to the point of clearing and settling transactions in the world’s largest equities market. The Project Ion platform now executes nearly 100k trades in 24 hours and almost 160k on peak days.
Project Ion was launched as a pilot program in 2022 and moved into development in September.
Major players on wall street have been experimenting with Blockchain for the last few years. The ex-president of the New York Stock Exchange highlighted this in his interview on Monday with Wall Street Journal “Blockchain will be rewiring all financial services.”
SEC(The U.S Securities and Exchange Commission kept the idea of Speeding up Stock Settlement time to something that is termed T+0-jargon for processing trades on the same day they are processed. Previous year Vlad Tenev, Chief Executing officer of Robinhood(HOOD), mentioned that T+0 would prevent volatile markets like those seen with meme-trader popular preference AMC(AMC) and GameStop(GME).
Depository Trust & Clearing Corp noted that its conventional system for processing trade would stay in effect, and trade on its private Blockchain is being operated in parallel.
Murray Pozmanter, managing director and president of DTCC clearing agency service, mentioned, “Digitised assets and emerging technology like DLT are shaping and evolving the financial services landscape, and we remain committed to advancing innovative solutions that capitalize on opportunities, deliver new value and drive the industry forward.”
Depository Trust & Clearing Corp is a private and approved like many similar traditional networks like Ethereum and Bitcoin, which is created in collaboration with BNY Mellon(BK), Barclays (BCS), Charles Schwab(SCHW), Citigroup(C), Citadel Securities and Credit Suisse(CS). DTCC collaborated with popular Software provider R3 in order to launch Project Ion with the help of R3’s Corda distributed ledger technology (DLT) software.
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