DTCC Delays Blockchain Post-Trade System To Sidestep Possible Brexit Complications
Brexit is coming up and several companies in the United Kingdom are scared of it. Now, the Depository Trust & Clearing Corporation (DTCC) has recently affirmed that it would postpone the launch of its new post-trade platform for derivatives to avoid any kind of complication with Brexit.
According to the official reports, the delay is actually happening to allow more testing on the platform. Many people know, however, that Brexit is getting close, and that now is a bad time for launches.
On the official side of the story, the company affirmed that the blockchain-based project is progressing pretty well and that the company is only making sure that its product will be 100% ready when it hits the market. Coindesk, however, cited an inside source affirming that Brexit is the actual main reason for the delay.
The initial launch date for the project would be around the time that Brexit happened (if it does, indeed, ever happen, because no one truly knows at this point). With such a drastic change, the whole regulation of the country might suddenly change, which can often be a huge headache and scare investors.
During the announcement of the delay, the company did not provide any kind of exact date for the launch, which is understandable, as it will possibly wait to see what happens after Brexit.
The platform created by the DTCC is known as TIW and it works as a mainframe to cloud solution based on the blockchain. The current version of the product handles $11 trillion of credit derivatives, so the upgrade will certainly be a big deal.