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Calypso, R3 and others plan DLT application for trade matching confirmations

First Published 28th April 2017

Calypso, R3 and five financial institutions to develop trade matching application on Corda DLT platform.

Todd McDonald, R3

Todd McDonald, R3

San Francisco - Calypso Technology, a provider of capital markets and investment management software, and R3, the distributed ledger (DLT) consortium, are developing a DLT application for trade matching confirmations with a group of global financial institutions.

Connecting to the Calypso Cloud application, R3's Corda platform was used to carry out trade matching tests in real-time across four time zones. Participants included Westpac Banking Corporation in Sydney, ING in Amsterdam, BBVA in Madrid, Banco de Credito del Peru (BCP) in Lima, and a large investment management firm in US. These institutions each used a node on Corda to enter FX trades from within Calypso, with one another, validate them and confirm matching, leveraging Calypso's post-trade processing capabilities, in real-time.

The project participants will continue working with Calypso and R3 in the next phase of development, moving into a live pilot and subsequent production application.

Todd McDonald, Co-Founder at R3, comments: "Corda is the only DLT platform designed from the ground up to address the specific needs of the financial services industry. This test is a perfect example of its ability to meet banking requirements in areas such as identity, privacy, security and scalability. We look forward to pursuing the next stage of development with Calypso."