Abu Dhabi – Mubasher: SWIFT, the secure financial messaging services provider, and seven central securities depositories (CSDs) on Tuesday signed a memorandum of understanding (MOU) to cooperate in demonstrating the implementation of distributed ledger technology (DLT) in post-trade scenarios.
SWIFT and the CSDs are projected to investigate the types of new products that can be built using the DLT, and the support of the existing standards to this technology, SWIFT revealed.
The seven CSDs include Abu Dhabi Securities Exchange (ADX), Caja de Valores, Depósito Central de Valores, Nasdaq Market Technology AB, and National Settlement Depository, the Belgium-based institution stated.
“To ensure interoperability and smooth migration, it is crucial that new technologies support existing common standards such as ISO 20022,” said Stephen Lindsay, head of standards at SWIFT.
“The Exchange will open channels of constructive dialogue with various stakeholders to identify the common principals, standards, and business rules needed for the successful implementation of DLT in post-trade operations,” Rashed Abdul Karim Al Balooshi, ADX’s CEO, commented.
