The UK’s GMEX Group has announced that it will integrate into its systems the uClear private blockchain 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.”
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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, 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.”