“The time has come to stop talking about the characteristics of Blockchain and to start realising its promise. Our OpenCSD platform will revolutionise the way securities depositories and payments systems are organised. A group of participants can now permission a working Blockchain platform in a matter of minutes and jointly record and settle changes in ownership. This will help bring competition into a segment of financial markets which has thus far been dominated by quasi-monopolistic incumbents,” said Peter Randall, CEO of SETL.
The OpenCSD platform, SETL’s first commercial offering, enables any market participant to commission and run a permissioned registry service for payments, settlement and clearing of cash and other financial instruments. The platform is available today and powered by the SETL Blockchain technology, which has been benchmarked to settle billions of transactions a day in real-time.
SETL’s OpenCSD platform has been designed to be compatible with existing and forthcoming regulations such as the European CSDR, but is not specific to any particular regulatory model and, as such, is jurisdictionally agnostic. The OpenCSD platform builds an organisational functionality on top of the SETL Blockchain engine.
The OpenCSD functionality comprises four main components:
- A permissioned membership structure.
- A range of control functions including clearing, settlement and corporate actions.
- Liquidity functionality including collateral and repo facilities.
- A secure messaging system which can be used to transmit ISO messages as well as enable bespoke communications between participants in a highly secure environment.
Furthermore, the OpenCSD functionality will provide granular identity services by enabling participants to use industry initiatives, such as the Legal Entity Identifier (LEI) system, to allow authority and transaction management. Use of the OpenCSD platform in some applications in some jurisdictions will require prior regulatory approval.
The OpenCSD platform will enable the interaction of different participants, including custodians, registrars and payment institutions. It can be used co-operatively or deployed by a single institution to maintain registers for their own customers. It is asset neutral and works across securities, private equity or as a platform for FX or e-money. Assets held on one instance of the platform can be transferred to other instances subject to the agreement of both parties.
Peter Randall, CEO of SETL added:
“The OpenCSD platform heralds a new era of interoperability, efficiency and flexibility for issuers and asset owners alike, to collaborate and establish their own settlement destinations. It is a means for market participants to empower themselves and to design services around their own needs and cost expectations. We envisage service providers plugging into these projects to provide facilities such as issuer support, payments and valuation. We expect to work with a number of companies in these areas to support these initiatives.”
The SETL OpenCSD platform is available on a subscription basis and is accessible through a secure user interface and via a functionally-rich API. SETL expects to take on a limited number of subscribers for the first phase of the roll-out. In addition, SETL will establish a development partner programme, which will engage with financial technology companies who wish to design and build functionality around the OpenCSD platform.
- JAAK and the Guardian Initiative Announce MΞTA: A Blockchain Pilot for The Media & Entertainment Industry - February 18, 2017
- The StabL Project – Hadrien Charlanes Plans Stable Tokens and Derivative Products For Ethereum Blockchain - February 17, 2017
- Blockchain Energy Trading Trials Kickoff with Canada’s BTL Group and Austria’s Wien Energie - February 16, 2017
- Smart Dubai Office (SDO) and 1776 Launch Blockchain Challenge - February 16, 2017
- BOScoin, a New Cryptocurrency, Introduces “Trust Contracts” to Overcome the Shortcomings of Ethereum Smart Contracts - February 16, 2017
- European Commission Working on Blockchain – Plans Actively Seeking Pilot Partners - February 16, 2017
- Canadian Blockchain Company SecureKey Awarded U.S. Department of Homeland Security Grant - February 16, 2017
- Microsoft and KPMG Cut Deal and Kickoff Blockchain Nodes in Frankfurt and Singapore - February 16, 2017
- Global Blockchain Project FERMAT Announces Significant Alpha Release for the “Internet of People” - February 16, 2017
- Russian Blockchain Startup Exscudo Aims to Bridge Traditional Finances And The Cryptocurrency Market - February 15, 2017
- Active Year Ahead for Blockchain Solutions in Financial Services, says Corporate Insight - February 14, 2017
- BlockApps and Red Hat Cut Deal to Deliver Hybrid Cloud Solution for Blockchain Applications in the Enterprise - February 14, 2017
- Hyperledger Blockchain Turns One – Director Brian Behlendorf Updates - February 14, 2017
- The State Bank of India Initiates National Blockchain Bank Consortium - February 14, 2017
- The National Bank of Abu Dhabi (NBAD) Introduces Real-Time Cross-Border Blockchain Payments - February 14, 2017
- China Turning Hard to Blockchain – Focus on Fraud Reduction - February 13, 2017
- U.S. Department of Health and Human Services to Kick Off Blockchain in Heathcare Code-A-Thon - February 13, 2017
- Hexayurt Capital presents the Internet of Agreements at the World Government Summit - February 13, 2017
- EquiChain – Blockchain for Emerging Markets Post-Trade - February 13, 2017
- UK Government Approves Tramonex Labs to Issue Currency on Blockchain - February 12, 2017
- US Congress Buckles Down With Blockchain – Launch Congressional Blockchain Caucus - February 11, 2017
- Nick Szabo: Some Private Blockchains Qualify as Bona Fide Blockchains - February 10, 2017
- Bitfury Group and Government of Georgia Expand Blockchain Land Titling Project - February 10, 2017
- Expanse Project Announces Launch of the Expanse Bond System (EBS) - February 10, 2017
- WISeKey to Establish IoT Blockchain Center of Excellence in New York - February 10, 2017
- Blockchain Startup Coinfirm Gets $700k Growth Equity Via VC Funding - February 10, 2017
- Blockchain Health Startup Hashed Health Raises Nearly $2 Million in Initial Funding Round - February 10, 2017
- IBM Kicks Off Blockchain Initiative with Dubai Government - February 10, 2017
- Blockchain Pioneer Medici Ventures Invests in Factom, Inc. - February 7, 2017
- Canadian Blockchain Startup Equibit Raises Quarter Million Dollars in Day One of Initial Coin Offering (ICO) - February 5, 2017
- Blockchain-Fuelled Grantcoin Foundation Distributes Universal Basic Income (UBI) Grants To 1,132 People In 79 Countries - February 5, 2017
- Blockchain Startup Chronobank partners with NEM to create ChronoNEM wallet - February 3, 2017
- dotBlockchain Music Project Announces Partners - February 2, 2017
- Switzerland Promises to Ease Rules for Fintech and Blockchain Startups - February 2, 2017
- Netherlands’ ING Bank Completes 27 Blockchain POCs - February 2, 2017
- South African Blockchain-Based AR Game nears $1 Million in ICO Funding Goal - February 2, 2017
- The Wall Street Blockchain Alliance Announces New Blockchain Assets Working Group - February 2, 2017
- Tel Aviv’s Colu Launches Local Digital Currency for Liverpool – East London Next - February 2, 2017
- South Africa Mulling Over Blockchain Digital Currency - February 2, 2017
- Nine in Ten Governments Investing in Blockchain by 2018 Says IBM Study - February 2, 2017
- NATO Awards Estonian Blockchain Company Guardtime Contract for Next-Generation Cyber Range - February 2, 2017
- Microsoft and Tierion Collaborate on Attestations and Blockchain Proofs - February 2, 2017
- Irish Funds and Deloitte Trial Blockchain Proof-of-Concept - February 2, 2017
- Cambridge Blockchain Raise $2 Million for Digital Identity Enterprise Software - February 2, 2017
- National Altcoins – a Toy for Market Sharks or Godsend for Local Communities? - February 1, 2017
- TaaS, the First Fully Transparent Closed End Fund dedicated to Blockchain Assets, Announces ICO - February 1, 2017
- SibCoin – the Cryptocurrency Conquered Siberia and Outsailed Dash - February 1, 2017
- PayCommerce Leverages Blockchain Technology to Transacts Their First Live Real-Time Cross-Border Payment, Clearing and Settlement. - January 31, 2017
- Acronis’s New Personal Backup Solution Offers Blockchain-Based Capabilities and Anti-Ransomware - January 31, 2017
- Blockchain Intelligence Group Announces it is Now a Member of the Blockchain Alliance - January 30, 2017