ICAP Plans to Move Forex to the Blockchain

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UK-based ICAP,  the global leader in dealer broker and provider of post trade risk services for financial institutions is reportedly set to begin using Blockchain technology to handle thousands of Forex trades.

Traiana will play a key role in the system’s move from reliance on traditional brokers to this new digital infrastructure. The ICAP subsidiary is currently responsible for reconciling transaction data prior to its transmission to clearing houses, financial firms, and regulators.

In an article by by  in the Financial Times:

The London group, to be renamed NEX Group from January, will supply the code to customers in March so institutional investors can more transparently track and value deals in the spot market, which trades $1.7tn a day.

At the same time Euroclear, one of the world’s largest settlement houses, and its partner Paxos, a US financial technology group, have completed a 2-week Blockchain pilot for more than 600 test deals in the London bullion market.

The projects mark further significant steps in the advance on markets of Blockchain technology — an electronic ledger with records stored in “blocks” — which aims to automate the complex networks of trust and verification on which modern finance sits.

Initially, the ICAP/NEX will run parallel systems – maintaining the legacy system as they bring the Blockchain-based platform online but ultimately, the goal is to eventually rely on the new system completely.

ICAP made news earlier this year when it announced that it had used Blockchain technology to relay so-called “golden source” data to customers. That test involved nine receiving participants, and was deemed successful enough to prompt its use on a broader scale. ICAP representatives have suggested that its customers should receive the necessary codes by March, 2017.

The news follows reports that suggested that ICAP is building a Blockchain ‘Rosetta Stone’ to improve its post-trade process according to CoinDesk.  ICAP has allegedly written an “elaborate smart contract”, adding that a beta version of the smart contract-enabled business process is expected to be ready in the first half of 2017, with a full release seen by the end of next year.

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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