A vital part of Wall Street's plumbing, The_DTCC has launched a private blockchain designed to settle trades for traditional finance clients.
Major Wall Street players have for years been experimenting with blockchains. The former president of the New York Stock Exchange told thepublished Monday that"blockchain technology is going to rewire all financial services."
DTCC said its conventional system for processing trades remains in effect; trades on its private blockchain are being handled in parallel. The DTCC project, which is private and permissioned unlike many traditional blockchain networks such as Bitcoin and Ethereum, is being developed with firms including Barclays , BNY Mellon , Charles Schwab , Citadel Securities, Citigroup and Credit Suisse .