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."