The Post-Trade Distributed Ledger (PTDL) Group, which brings together major post-trade industry participants and regulators to share information and ideas about how distributed ledger technology can transform the post-trade landscape, is to merge with the Global Blockchain Business Council (GBBC), a trade association for the blockchain technology ecosystem.
Under the GBBC’s direction, the PTDL Group will work to increase the level of interaction and activity between its 40-plus institutions, engage in thought leadership and regulatory engagement, and further grow its membership base.
The PTDL Group aims to provide a collaborative environment for post-trade market participants to share information on blockchain and how it can transform the industry. Its geographically diverse membership includes global banks, custodians, asset managers, central securities depositories, payment systems, clearing houses, exchanges, government agencies, sovereign wealth funds, regulators, and central banks.
Sandra Ro, CEO of the GBBC, says: “We are delighted to be working with PTDL so closely. We are both committed to promoting the advantages of blockchain, and financial services is among those sectors that are set to benefit the most. The membership of PTDL includes some of the brightest minds in the post-trade sector, and we will look to capitalise on this to show even greater insight and thought leadership on how blockchain can revolutionise this marketplace, whilst encouraging collaboration across sell-side, buy-side, and regulators.”
The PTDL Group’s organising committee is made up of representatives from CLS Bank International, HSBC, Janus Henderson, London Stock Exchange Group (LSEG), State Street, and GBBC.
“The regulatory landscape around DLT is nascent, but rapidly evolving. Proactive collaboration amongst a broad range of market participants, as well as regulatory agencies and standard-setting bodies, is key to avoid further perpetuating inefficiencies and fragmentation in the post-trade market,” says Kerry Denerstein, Regulatory Affairs Lead at CLS Bank International.
Jörn Tobias, Senior Vice President, State Street, says: “State Street is pleased to see the PTDL working group taking its next evolutionary step and joining the GBBC community. State Street has been an early supporter of the PTDL since inception and we believe it is a great example of a coordinated effort among financial services firms in the post trade arena. Collaboration around some of the key issues pertaining to distributed ledgers and blockchains applied to middle and back office processes is vital to re-shape the industry as we know it today.”
The PTDL Group will continue to be supported by Ernst & Young (EY), which will continue to provide generic regulatory insights around blockchain and distributed ledger technology on an ad hoc basis, and Norton Rose Fulbright, which advises on legal and regulatory issues affecting the group.
