ICAP, a leading markets operator and provider of post trade risk mitigation and information services with more than $1.6 billion in revenue, announced that its Post Trade Risk and Information (“PTRI”) division has successfully carried out a proof-of-technology pilot test using blockchain technology.
The ICAP PTRI division plans to use its newly developed proof-of-technology protocol to handle post-trade processing, a process in which the buyer and the seller compare trade details, alter ownership records, transfer securities and cash and approve transactions.
The foundation and infrastructure of ICAP’s blockchain technology-based proof-of-technology protocol is developed by a New York-based technology firm called Axoni.
By using Axoni’s pre-developed blockchain-based system and the Harmony network’s multi-asset messaging and matching platform, the ICAP proof-of-technology protocol imports matched messages from the Harmony network and converts them to store the asset data on their blockchain network through smart contracts.
