Today the DTCC announced the result of a proof of concept (PoC) that explored posting fund net asset value (NAV) data onto a blockchain. For the Smart NAV trial, the DTCC partnered with Chainlink Labs for technology and asset managers, fund administrators and custodians. Jennifer Peve, the DTCC’s Global Head of Strategy & Innovation, mentioned the project earlier this year when she discussed the DTCC’s views on tokenization.
The ten participants in the Smart NAV trial were American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JP Morgan, MFS Investment Management, Mid Atlantic Trust d/b/a American Trust Custody, State Street and U.S. Bank.
The focus was on distributing the data rather than collecting it. The DTCC already gathers the data from asset managers and distributes it via its Mutual Fund Profile Service I (MFPS I). So this was an extension of MFPS I. However, this trial hinted at a potential shift towards a more distributed data collection process.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
