DTCC is the leader in clearing & settlement for financial markets. In 2011, DTCC settled the vast majority of securities transactions in the U.S. and close to $1.7 quadrillion in value worldwide, making it by far the highest financial value processor in the world.
DTCC just wrote “Project Whitney”, a fascinating but flawed white paper on digital platforms & the increased focus on digital transformation. “DTCC believes the digitalization of traditional assets shows promise for a more efficient capital markets ecosystem & in its current state digitalization can best be applied to opportunities in new markets or underserviced assets with limited existing automation, such as the U.S. private markets.” YES.
Further: “Tokenization of private market securities has shown promise but comes with its own set of unique challenges yet to be fully resolved. Ongoing questions about the legal enforceability of financial transactions on public blockchains, & the ambiguity of their governance has removed these platforms from consideration for many regulated financial institutions.” NO, our partners – Tokensoft, Tokeny, Securitize, Vertalo, Securrency, are backed by Fidelity, Euronext, ADIA, Santander, MUFG, and Nomura to name a few. DTCC, glad you are in this new game, but it is decentralized.