GMEX Adopts uClear Blockchain for Real Time Clearing and Settlement
- The new solution is India’s first private blockchain for the cash and derivatives segments of the financial markets.
The UK's GMEX Group has announced that it will integrate into its systems the uClear private Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term service which was officially launched today. Developed by uTrade Solutions, uClear is said to be India’s first such solution for real time clearing and settlement across the cash and derivatives markets. The initial stage of adoption will be led by the OTC segments without existing central clearing infrastructure such as FX and the fixed income securities markets.
Kunal Nandwani, co-founder and CEO of uTrade Solutions, said, “We believe Blockchain is a very powerful technology that will dramatically change the way the financial services industry operates. Discussing blockchain today is like discussing the internet in 1996. There was lot of hype, a mix of potential and skepticism. Eventually the internet did change our lives for the better. The same is what we foresee with blockchain.
Adoption of such technologies may take a few years due to regulation, legacy infrastructure replacement challenges, and unwillingness to accept transparency. However to the contrary, transparency is the most discernable benefit of the blockchain distributed ledger as transactions can be cryptographically proved.”
GMEX Group CEO Hirander Misra
Hirander Misra, CEO of GMEX Group and Chairman of Forum Trading Solutions, commented: “We are excited by Blockchain’s potential and in line with GMEX Tech’s focus on fintech innovation and we are exploring a hybrid model where we support existing workflows across our exchange, Clearing House Clearing House A clearing house is defined as an intermediary between two parties, a buyer and seller, which helps facilitate the overall process from trade inception to settlement. Clearing houses streamline the exchange of payments, securities, or derivatives transactions.The clearing house is situated between two clearing firms who also helps reduce the risk of either member firm failing to honor their respective trade settlement obligations.Buyers and sellers enter into legally binding agreements for the e A clearing house is defined as an intermediary between two parties, a buyer and seller, which helps facilitate the overall process from trade inception to settlement. Clearing houses streamline the exchange of payments, securities, or derivatives transactions.The clearing house is situated between two clearing firms who also helps reduce the risk of either member firm failing to honor their respective trade settlement obligations.Buyers and sellers enter into legally binding agreements for the e Read this Term, depository and warehouse receipts product suite being offered to exchanges globally and introduce optional new parallel Blockchain driven clearing mechanisms too.
This helps both GMEX Group and our exchange clients to adapt in an era of rapid change and facilitates greater transparency for the regulators. We look forward to continuing our partnership with uTrade Solutions as we work towards the evolution of hybrid market infrastructure.”
The UK's GMEX Group has announced that it will integrate into its systems the uClear private Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term service which was officially launched today. Developed by uTrade Solutions, uClear is said to be India’s first such solution for real time clearing and settlement across the cash and derivatives markets. The initial stage of adoption will be led by the OTC segments without existing central clearing infrastructure such as FX and the fixed income securities markets.
Kunal Nandwani, co-founder and CEO of uTrade Solutions, said, “We believe Blockchain is a very powerful technology that will dramatically change the way the financial services industry operates. Discussing blockchain today is like discussing the internet in 1996. There was lot of hype, a mix of potential and skepticism. Eventually the internet did change our lives for the better. The same is what we foresee with blockchain.
Adoption of such technologies may take a few years due to regulation, legacy infrastructure replacement challenges, and unwillingness to accept transparency. However to the contrary, transparency is the most discernable benefit of the blockchain distributed ledger as transactions can be cryptographically proved.”
GMEX Group CEO Hirander Misra
Hirander Misra, CEO of GMEX Group and Chairman of Forum Trading Solutions, commented: “We are excited by Blockchain’s potential and in line with GMEX Tech’s focus on fintech innovation and we are exploring a hybrid model where we support existing workflows across our exchange, Clearing House Clearing House A clearing house is defined as an intermediary between two parties, a buyer and seller, which helps facilitate the overall process from trade inception to settlement. Clearing houses streamline the exchange of payments, securities, or derivatives transactions.The clearing house is situated between two clearing firms who also helps reduce the risk of either member firm failing to honor their respective trade settlement obligations.Buyers and sellers enter into legally binding agreements for the e A clearing house is defined as an intermediary between two parties, a buyer and seller, which helps facilitate the overall process from trade inception to settlement. Clearing houses streamline the exchange of payments, securities, or derivatives transactions.The clearing house is situated between two clearing firms who also helps reduce the risk of either member firm failing to honor their respective trade settlement obligations.Buyers and sellers enter into legally binding agreements for the e Read this Term, depository and warehouse receipts product suite being offered to exchanges globally and introduce optional new parallel Blockchain driven clearing mechanisms too.
This helps both GMEX Group and our exchange clients to adapt in an era of rapid change and facilitates greater transparency for the regulators. We look forward to continuing our partnership with uTrade Solutions as we work towards the evolution of hybrid market infrastructure.”