Post trade distributed ledger group
SWIFT and central securities depositories join forces to demonstrate the value of standards in distributed ledger technology for securities markets, such as proxy voting and digital assets.
Brussels, 16 January — SWIFT and seven central securities depositories CSDs have signed a Memorandum of Understanding MOU to work together to demonstrate how distributed ledger technology could be implemented in post-trade scenarios, such as corporate actions processing, including voting and proxy-voting.
The group will investigate the types of new products that can be built using it, and how existing standards such as ISO can support it. Additional CSDs are expected to join in the coming weeks. Today, securities processing, particularly in areas requiring multi-party contact, involve extremely cumbersome manual processes that can carry significant inherent cost and risk. There is clear value in re-using established business definitions and facilitating interoperability amongst DLT implementations, which this project will demonstrate.
The promise of the technology on paper is great, but it is currently missing a key component around standardisation. Other aspects of the MOU include fostering collaboration amongst the CSD community in DLT research and development, post trade distributed ledger group define post trade distributed ledger group role of financial market infrastructure providers in markets based on distributed ledgers and; identifying, defining and developing additional use cases for DLT in a CSD environment and the post-trade landscape, such as services for different kinds of DLT-based digital assets.
In addition, the group will focus on creating and adapting common standards and principles for the use of DLT amongst CSDs and the financial industry, and promoting the adoption of those standards and principles to post trade distributed ledger group parties, including regulators.
The framework will identify key definitions, classifications, services and post trade service provider roles. Findings from post trade distributed ledger group use case on digital assets are expected to be published in Q2. As the industry evolves, DLT-specific standards post trade distributed ledger group as ISOwill provide a great foundation, in terms of both existing business content and approach.
The Exchange will open channels of constructive dialogue with various stakeholders to identify the common principals, standards and business rules needed for the successful implementation of DLT in post trade operations, with the aim of enhancing the speed and security of capital market transactions.
This group of institutions —representative of the world market of securities depositories and industry providers - contributes engineers and analysts, which are experts in the business, standards and technology. Together, they will post trade distributed ledger group DLT to find solutions that will finally facilitate interoperability between global operators of securities markets. Based on our experience, blockchain, smart contracts, and other FinTech solutions may significantly upgrade the quality of post trade distributed ledger group provided to our existing and potential clients.
In this context, international cooperation based on the win-win principle will considerably increase the efficiency of such findings and contribute to industry development in general. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance. Our messaging platform, products and services connect more than 11, banking and securities organisations, market infrastructures and corporate customers in more than countries and territories.
While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, post trade distributed ledger group supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. SWIFT also brings the financial community together — at global, regional and local levels — to shape market practice, define standards and debate issues of mutual interest or concern.
For more information, visit www. Please see below commentary from the participating CSDs: Blockchain solutions for payments seem about a dime a dozen.
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