The Depository Trust & Clearing Corporation’s (DTCC) Project Ion platform, which is being developed as an alternative settlement platform leveraging distributed ledger technology (DLT), has gone live in a parallel production environment.
The Project Ion platform is now parallel processing an average of over 100,000 bilateral equity transactions per day, and almost 160,000 transactions on peak days, with DTCC subsidiary, The Depository Trust Company’s (DTC’s), classic settlement systems remaining the authoritative record.
DTCC’s private, permissioned DLT platform was developed in collaboration with many of the world’s leading market participant and technology provider firms, including Apex Clearing Corp, Barclays, BNY Mellon, Charles Schwab Corp, Citadel Securities, Citi, Credit Suisse Securities USA LLC, Fidelity Investments, Fnality International, Goldman Sachs & Co, JP Morgan, Morgan Stanley & Co, Raymond James Financial Inc., Robinhood Securities LLC, State Street Corporation, and Viru Financial Inc.
The goal of Project Ion is to ultimately provide a resilient, secure and scalable alternative settlement service to clients, with the option to leverage DLT for those firms who wish to take advantage of the emerging technology. DTCC partnered with leading enterprise technology provider R3 to develop and launch the Project Ion platform leveraging R3’s Corda DLT software.
