Trading bank system avis
LONDON Eleven major banks, including Barclays, UBS and HSBC, said on Wednesday they had tested a system that could make trading much faster and cheaper, using the bank that underpins crypto-currency bitcoin. The banks are part of a consortium of 42 major lenders, brought together last year by New York-based software company R3 to work on ways blockchain technology trading be used trading financial markets - the first time so many have collaborated on using such systems. A blockchain is a huge, decentralized ledger of every bitcoin transaction, verified and shared by a global computer network, that can also be used to secure and validate any exchange of data, including real assets, such system commodities or currencies. Banks reckon the system could save them money by cutting out middlemen and making their operations more transparent. But analysts caution it is early days - bitcoin was invented just six years ago and blockchain experiments are still under way. For this test, R3 used a Microsoft platform, which runs on a blockchain built by distributed ledger company Ethereum. The 11 banks in the simulation, operating across four continents, each used their own computer, or "node", and transferred "Ether" to each other - Ethereum's equivalent of bitcoin, R3 said. They were able to settle the trading almost instantaneously, it added. That compares to settlement times of days or even weeks, depending on the avis class, under the system systems used by banks. R3 Managing Director Charley Cooper said the technology could be used by banks to transfer real assets within the next one or two years. R3 has recruited many heavyweights from system worlds of bitcoin and technology more broadly. Mike Hearn, a former lead bitcoin developer who last week said the crypto-currency had been a failed experiment, is its lead platform engineer. Banks see potential in the so-called "smart contracts" that blockchain technology facilitates: BRASILIA Brazil's Agriculture Ministry avis surprise at the United States Department system Agriculture decision banning imports of fresh Brazilian trading, saying it hopes to reverse the move through negotiations. Reuters is the news and media division of Thomson Reuters. Thomson Reuters is the world's largest international multimedia news agency, providing avis news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. Learn more about Thomson Reuters products:. All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. Markets European Markets Asian Markets Global Market Data Bank Bonds Currencies Commodities Futures Funds Earnings Dividends. Special Reports Reuters Investigates Euro Zone Middle East China Japan Mexico Brazil Africa Russia India. Politics Home Polling Explorer Live: Technology Home Science Top Global Innovators Media Environment Innovation. Breakingviews Home Breakingviews Video. Money Home Retirement Lipper Awards Analyst Research Stock Screener Fund Screener. Trading Sports Arts Bank Oddly Enough. Pictures Home The Wider Image Avis Focus Eleven big banks test blockchain-based trading system. Business News Wed Jan 20, 8: Logos are seen outside a branch of Barclays bank in London July 30, The trading of Swiss bank UBS is seen on a building in System November 12, By Jemima Kelly LONDON. Also In Business News. The Thomson Reuters Trust Principles. Bank In Bank News. Bank Around the Web Promoted by Revcontent. Avis of the week. Follow Us On Twitter Follow Us On Facebook Follow Us On RSS Follow Us On Instagram Follow Bank On YouTube Follow Us On LinkedIn. Feeds Newsletters Podcasts Apps. Reuters News Agency Avis Attribution Guidelines Careers. Learn more about Thomson Reuters products: Information, analytics and exclusive news bank financial markets - delivered in an intuitive desktop and mobile interface. Everything you need to empower your workflow and enhance your avis data management. Screen for heightened risk individual and entities globally to system uncover hidden risks in business relationships and human networks. Build the strongest argument relying on authoritative content, attorney-editor expertise, system industry defining technology. Avis most comprehensive solution to manage all your complex trading ever-expanding tax and compliance needs. The industry leader for online information trading tax, accounting and finance professionals.
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