DTCC’s innovative Project Ion took home an Editor’s Choice award for Market Infrastructure Project of the Year at the prestigious annual Leaders in Custody awards, sponsored by Global Custodian, which took place in London on May 4.
Related: Building the Settlement System of the Future
Background: Project Ion is an alternative settlement platform developed by DTCC that leverages distributed ledger technology (DLT). The Ion platform is settlement cycle agnostic, with the built-in flexibility to accommodate a netted T+0 settlement cycle, T+2, T+1, or extended settlement cycles.
Project Ion's functionality will be introduced in phases, subject to regulatory approval, which will provide:
- the ability for members to realize the benefits of DLT, including reconciliation efficiencies
- the introduction of the foundational components of the new DLT-based platform
- the expansion to include increasing DTCC members and activities
- the migration of DLT node management from DTCC to members
What’s Next: In line with DTCC’s distinguished history of using technologies to reduce risks and costs in post-trade processing, the ambitious end state of Ion could represent a significant milestone in revolutionizing the way our markets clear and settle through digitalization. With a successful proof-of-concept, followed by a prototype pilot phase in 2021, the platform is anticipated to launch into production in mid-2022.
What They’re Saying: “Project Ion holds the promise of new settlement functionality supported by robust technical capabilities that meet the industry’s need for security, scalability and resiliency,” said Michele Hillery, General Manager of Equity Clearing and DTC Settlement Service at DTCC. “We are thrilled to receive this industry recognition from Global Custodian for the innovations and new ideas we are advancing in the clearance and settlement space.”
Winners List: The full list of winners from this year’s gala event can be viewed here.
DTCC accepts the Editor’s Choice award for Market Infrastructure Project of the Year at the prestigious annual Leaders in Custody awards.