The Depository Trust & Clearing Corporation (DTCC) has announced that its distributed ledger technology-based alternative settlement platform, known as Project Ion, is now operational in a parallel production environment.
Currently, Project Ion processes an average of over 100,000 bilateral equity transactions daily, while the classic settlement systems of DTCC subsidiary, The Depository Trust Company, continue to serve as the authoritative record.
Utilizing R3’s Corda as its underlying distributed ledger technology, this private, permissioned platform was developed in collaboration with several major market participants and technology providers, including BNY Mellon, Citi, Fidelity Investments, Goldman Sachs, JP Morgan, and Robinhood Securities.
DTCC aims to offer a resilient, secure, and scalable alternative settlement service, allowing clients the option to utilize DLT for those interested in embracing this innovative technology.
With the parallel production now active, DTCC is collaborating with clients for a phased expansion of the platform. Future enhancements may include additional activities and capabilities within DTC, as well as the potential extension of Project Ion to DTCC subsidiary National Securities Clearing Corporation.
Murray Pozmanter, Managing Director and President of DTCC Clearing Agency Services, emphasized that “Project Ion is a significant advancement in the digitalization of financial markets, unlocking new opportunities for enhanced efficiencies, risk management, and cost savings for the industry. Digitized assets and emerging technologies like DLT are transforming the financial services landscape, and we are committed to fostering innovative solutions that harness these opportunities and propel the industry forward.”