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.

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ citiies. He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe.  In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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