The Depository Trust & Clearing Corporation (DTCC) in New York will go live early next year with a blockchain-driven platform for credit default swaps (CDS) reporting. DTCC's CDS trades will be cleared on the new system, which will initially operate along side the present platform. The organisation began earlier this year to rebuild its Trade Information Warehouse with Axoni, IBM and industry consortium R3 to handle reporting on $11tn of CDS notional. In an interview at the World Economic Forum (WEF) event in Davos, Switzerland, last week, Deutsche Bank CEO John Cryan, who is also chairman of DTC said that he expects the system to
The Depository Trust & Clearing Corporation (DTCC) in New York will go live early next year with a blockchain-driven platform for credit default swaps (CDS) reporting. DTCC's CDS trades will be cleared on the new system, which will initially operate along side the present platform. The organisation began earlier this year to rebuild its Trade Information Warehouse with Axoni, IBM and industry consortium R3 to handle reporting on $11tn of CDS notional. The staged introduction of the platform should deliver widespread simplification of transaction reporting across the swaps market, potentially changing the role of trade repository operators.