DTCC built a blockchain-based clearing and settlement platform that could process over 100 million US equities trades per day
The decision comes after industry feedback raised concerns on the ASX’s timeline to implement the technology.
The adoption of the new settlement system could significantly boost foreign investment into the Chinese domestic bond market.
MAS and SGX have been among the leaders in promoting the use of blockchain technology in financial markets.
The alliance will also enable buy-side clients of Charles River to manage their entire trade life cycle using automated straight through processing (STP).
Settlement has arisen as one of the prime benefactors of blockchain technology with cost savings widely discussed as a benefit.
The introduction of Japanese funds onto the FX settlement service follows a multi-year effort to onboard the Japanese buy-side community to CLSSettlement.
ALERT GC Direct has currently seven global custodians live on the service, covering 700,000 settlement instructions.
A fully integrated trading, settlement and custody infrastructure for digital assets is set to launch in 2019.