William Essex
William Essex

The evolving Blockchain and what it might mean for FX

There’s more to distributed ledgers than just distribution and book-keeping, as William Essex discovers.

First Published: e-Forex Magazine 72 / CryptoCurrencies / July, 2016

Let’s talk about the blockchain. Not about the various available cryptocurrency trades and venues, nor the Bitcoin price (up, because China was buying again, but not as much as Ether), nor the assortment of (typically retail) payment innovations that depend upon linked BTC transactions out of and back into fiat currencies. The blockchain itself is evolving, and its impact is beginning to be felt across the FX market. Let’s talk about that. So far, most serious blockchain development has been focused on the back office. In this month’s Q&A, for example, Jenny Knott, CEO, Post Trade Risk and Information Services Division, ICAP, discusses ICAP’s recent blockchain proof of technology – an exercise that “has the potential to transform post trade operations, while complying with new market practices within the post-crisis regulatory environment”. As that suggests, today’s blockchain is predominantly conceived as a mechanism for achieving operational...continued

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