Barclays Takes the Lead in Blockchain Efficiency
In a bold move to redefine the processing of derivatives contracts, British investment bank Barclays has announced its sponsorship of a hackathon known as DerivHack. Scheduled for August 9, this two-day event is a collaboration with heavyweights such as Deloitte, the International Swaps and Derivatives Association (ISDA), and Thomson Reuters. Their mission? To find the next groundbreaking blockchain solution that enhances the efficiency of derivatives processing.
Understanding the Hackathon’s Aim
Participants will get their creative juices flowing by implementing their ideas while utilizing the ISDA Common Domain Model (CDM). This model serves as a standardized digital representation, providing machine-readable formats that can help streamline the often tangled web of derivatives trade processes.
Challenging Use Cases to Tackle
Barclays is not holding back when it comes to the competition. The hackathon will present participants with challenging use cases that aim to simulate the derivatives market. Expect tasks that require a complete overhaul of post-trade processing and push for significant advancements in efficiency gains. By providing sample trade data in the ISDA CDM format, Barclays encourages innovative twists on existing processes.
Backstory: Rumors and Reality
Interestingly, this hackathon comes on the heels of rumors earlier this year that Barclays was contemplating the establishment of a cryptocurrencies trading desk. While some insiders hinted at potential client interest, Barclays’ CEO Jes Staley doused the flames of speculation, stating that they tread carefully around cryptocurrencies, balancing innovation with risk.
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