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IBM Partners with Wall Street to Bring Blockchain to Credit Default Swaps

DTCC leads effort to move CDS payments, record keeping to blockchain by 2018.

By Matthew Leising and Jing Cao, Bloomberg | Updated on January 10, 2017

Wall Street’s largest back-office processing service is partnering with IBM to upgrade how payments and record keeping for credit default swaps are handled by putting the system on a blockchain by early next year.

Depository Trust & Clearing Corp., the New York-based utility that settles and clears all stock and bond trades in the U.S., is seeking to reduce redundancies and cut costs in the system that manages $11.7 trillion in outstanding credit swaps, the company said in a statement Monday. IBM, as well as blockchain startups R3 and Axoni, will help DTCC create the single network of credit swaps users.

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