New York-based post-trade financial services company, The Depository Trust & Clearing Corp. (DTCC), which processes all trades in the U.S. stock market, has launched a private blockchain project aimed at settling trades more quickly for clients, according to a press release Monday. The DTCC acts as the counterparty for most trades in the U.S. and underpins the entire public securities market.
Project Ion was first created as a pilot program in 2020 and moved into a development program in September. DTCC says it is now processing an average of over 100,000 bilateral equity transactions per day in a parallel processing environment, and almost 160,000 on peak days. DTCC's subsidiary, The Depository Trust Company, remains the authoritative source for transactions.
Project Ion is designed to support T+0, or end of day, settlement cycles by leveraging blockchain technology. Currently, stock market trades take two days to settle, although the Securities and Exchange Commission (SEC)...
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