The Post-Trade Distributed Ledger (PTDL) Group, founded in November 2015 is merging with the Global Blockchain Business Council (GBBC). PTDL brings together post-trade industry participants and regulators to share information and ideas about how distributed ledger (blockchain) technologies might transform the post-trade landscape. The GBBC is a trade association for the blockchain technology ecosystem.
Sandra Ro, CEO of the GBBC, said: “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 sellside, buyside, and regulators.”
GBBC to take the lead
PTDL Group is a group of over 40 financial institutions and prominent market infrastructures players from all regions of the globe. These share ‘visions of the use’ of distributed ledger technology. The PTDL Group also:
- provides a trusted environment for key post-trade participants to collaborate
- shares information for the industry. The PTDL undertakes activities relating to how distributed ledger technologies will transform the post-trade landscape.
- explores and identifies regulatory and legal themes and research around blockchain
- identifies the impact and associated benefits when applied to the post-trade space.
Under the GBBC’s direction, the PTDL Group will:
- increase the level of interaction and activity between its 40+ institutions
- engage in thought leadership and regulatory engagement
- further grow its membership base.
The PTDL Group provides 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
- asset managers
- central securities depositories
- payment systems
- clearing houses
- government agencies
- sovereign wealth funds
- central banks.
The PTDL Group’s organising committee is made up of representatives from:
- CLS Bank International
- Janus Henderson
- London Stock Exchange Group (LSEG)
- State Street
The Global Blockchain Business Council (GBBC) is a trade association for the blockchain technology ecosystem. It seeks to bring together innovative organizations and founding thought-leaders from over 40 countries to advance understanding of blockchain technology.
The GBBC is a Swiss-based non-profit organisation, which launched formally during the 2017 Annual World Economic Forum in Davos, Switzerland. The organization dedicates itself to adoption of blockchain technology through engaging regulators, business leaders and changemakers on how to harness blockchain as a tool.
Some comments from leading participants
“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.” – Kerry Denerstein, Regulatory Affairs Lead at CLS Bank International
“This new leadership of PTDL comes at a key stage in the industry’s move to adopt DLT. I was pleased to have been a founding member of PTDL when we first got started. What is true now is the opportunity for DLT in post trade is even greater than when we first envisaged.” – Jason Nabi, Global Head of Innovation, HSBC Securities Services
“Janus Henderson Investors believes distributed ledger technology has the potential to significantly influence the landscape for financial services and markets in the future. Having worked with PTDL for a number of years, we look forward to working with the GBBC and the opportunity to collaborate further with other influential thought leaders in the industry.” – Mike Morecroft, Commercial Operations Director, Janus Henderson Investors
“PTDL brings together a diverse set of financial market participants to discuss, collaborate and progress adoption of DLT. While DLT focuses on decentralisation, in order to achieve successful adoption across the industry, we need firms across the trade lifecycle to collaborate on innovations. We look forward to advancing PTDL’s efforts and professional network by working with the GBBC.” Michael Coletta, Lead Blockchain Architect, London Stock Exchange Group
“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.” – Jörn Tobias, Senior Vice President, State Street
“The transformative potential of distributed ledger technology is becoming increasingly apparent in the financial institutions sector and is particularly interesting in relation to market infrastructure, both pre and post-trade. We are delighted to advise the combined group of the GBBC and PTDL on legal and regulatory issues.” – Hannah Meakin, Partner, Norton Rose Fulbright
Enterprise Times: what does this mean
This merger is something of a surprise, though it has a logic. The surprise is that the GBBC is taking on such a finance sector ‘tint’, for the PTDL is explicitly finance-oriented.
In practice this may be a positive step. Finance is at the forefront of blockchain investigation and even implementation, with possibly only the blockchain/supply chain duo being as close to practical fruition. Many of the lessons learned will apply beyond finance and so can benefit non-finance GBBC enterprises.