LedgerEdge, an ecosystem for trading, announced that it had launched the first regulated corporate bond trading platform built using distributed ledger technology (DLT ).
According to the press release, the LedgerEdge platform is powered by R3’s Corda, a distributed, scalable, permissioned platform used to enable regulated markets to foster a sense of trust between parties. LeadgerEdge’s digital market is a decentralized, fully regulated Multilateral Trading Facility (MTF) by the UK’s Financial Conduct Authority (FCA). The LedgerEdge platform was developed with the cooperation of the world’s leading banks, asset managers and market makers.
Currently, 45 firms are trading on the UK MTF, and 70 are either onboarded or trading on the platform. More than 30 major asset managers are among them, including 7 out of the top 10 sell-side dealers.
Co-Founders Statements
“The first fully regulated bond trading platform built on distributed ledger technology is an important milestone for the industry. Credit markets are on the cusp of a digital transformation that has come to other asset classes, and we are excited to be at the forefront in this important market. Client feedback has been an instrumental part of how we built our ecosystem, and I want to thank key participants for being integral to our development. I look forward to continuing that collaborative approach as volume grows, and we continue to develop the product. We are bringing a new modern ecosystem that emphasizes control and ease of execution to a historically illiquid market,” David Nicol, the CEO and Co-Founder at LedgerEdge, commented.
Moreover, David Rutter, the Co-Founder at LedgerEdge, added: “Today’s announcement marks a momentous step for LedgerEdge. This is the culmination of pioneering ideas, work and important client engagement. Our ambitions have now been realized as we bring a next-generation platform to market that fundamentally solves the challenges of locating and promoting liquidity and data ownership. The decentralized system we built gives us the opportunity to rewrite the architecture in the bond market, and corporate bonds are just the beginning.”
