ICAP to process foreign exchange trades on blockchain in 2017

Furthermore, ICAP brings along its subsidiary Traiana and has teamed up with Axoni, a US-based technology company to supply the code to customers in March 2017, The Financial Times reported. Traiana acts as a messaging hub for USD 2 trillion of forex, fixed income and swaps deals. The subsidiary provides services to monitor pre-trade risk and automate post-trade processing of financial transactions in listed and over-the-counter trading markets. Also, it reconciles transaction, reference, market and portfolio data before it is transmitted to regulators, clearing houses or back to financial institutions.

Earlier in 2016, ICAP announced that its Post Trade Risk and Information (PTRI) division completed a proof of technology test case for a distributed ledger using blockchain technology. Starting with January 2017, the operator will be renamed NEX Group.