In 2016
Project Jasper started exploring the use of distributed ledger technology (DLT) for clearing and settlement of Canadian securities. Yesterday the participants, Payments Canada, the Bank of Canada, TMX Group,
Accenture and
R3 published a
report on the Phase III Proof of Concept (PoC). The results from the tests prove DLT can enable equities settlement but are somewhat neutral. However, that’s not because of any technology weakness, but instead the result of the current complex interconnected systems which make comparisons difficult.
Hence the report concludes that the scope would need to be significantly expanded to realize full benefits. That would include testing additional processes such as securities lending, derivatives, and fixed-income trades.
Highlights:
- Both securities and cash were tokenized on-ledger to achieve delivery versus payment DvP
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