DTCC to begin development of DLT-based settlement system - 0 views
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John Kiff on 15 Sep 21The Depository Turst and Clearing Corporation (DTCC) is to move into the development phase of a protytpe settlement platform ("Project Ion") based on distributed ledger technology (DLT) that could act as the precursor to a US move to a same day settlement cycle. With six months of testing of the proof of concept now complete, DTCC says it has the quantitative data and qualitative feedback to build out a production-ready workflow and a roadmap for future full industry integration and adoption. The first phase, anticipated to be launched in Q1 2022, will support bilateral deliver order transactions that will be initiated by pilot participants through client nodes hosted by DTCC. Once launched, the transactions will be processed through the Project Ion platform and then passed to DTC's existing systems for settlement processing.