São Paulo headquartered Exchange group BM&FBOVESPA has joined the R3 blockchain collaboration. This is the first time a major trading venue was added to the collaboration developing a distributed and shared ledger-inspired technologies (DLT) for the global markets which is mainly composed of banks but already has insurance companies and other types of institutions.
Fabio Dutra, Client and Business Development Managing Director at BM&FBOVESPA, commented: “We believe that strong collaboration with our customers, regulators and vendors is crucial to future proof-financial and capital markets. Innovation with appropriate regulatory oversight is paramount to making the Brazilian markets even more efficient and reliable. Shared ledger technology may play an important role here.”
Jochen Mielke de Lima, IT Managing Director at BM&FBOVESPA, added: “BM&FBOVESPA is researching Blockchain -based solutions from a business and IT perspective, and we are pleased to join R3 in the drive to innovate in capital markets. Distributed ledgers hold a promise for process efficiencies and we want to work with our customers to evaluate real use cases.”
David Rutter, CEO, R3
David Rutter, CEO of R3, commented: “Distributed and shared ledger technology can transform the way in which FMIs (Financial Market Infrastructures) such as BM&FBOVESPA issue, record and transfer assets, enabling transactions and reference data to be visible to all relevant parties on the ledger. This can cut effort and costs dramatically. We are pleased to welcome BM&FBOVESPA to our growing network of consortium members in Brazil.”
