Blockchain Business Council and PTDL Group to merge
The Global Blockchain Business Council (GBBC) and the Post-Trade Distributed Ledger (PTDL) Group are to merge. The announcement, both claim, will improve how post-trade industry players and regulators share information and DLT ideas.
PTDL has made it clear in the past that a key aim of the group is to identify key commercial opportunities in capital markets out of existing network contacts.
Strength in numbers
Current PTDL members include global banks, asset managers, sovereign wealth funds and regulators; its organising committee pulls together members from CLS Bank International, HSBC, London Stock Exchange Group and GBBC amongst others.
“The membership of PTDL includes some of the brightest minds in the post-trade sector,” said Sandra Ro, CEO of the GBBC, commenting on the news, “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.”
Jason Nabi, global head of innovation at HSBC Securities Services said this new re-orientation arrives at a pivotal stage in the industry’s move to adopt DLT.
“What is true now is the opportunity for DLT in post trade is even greater than when we first envisaged.”
Ernst & Young support continues
Jörn Tobias, senior VP of State Street, says the news was a good example “of a coordinated effort among financial services firms. “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.”
The PTDL Group will continue to be supported by Ernst & Young (EY) which will still provide regulatory insights around blockchain and distributed ledger technology on an ad hoc basis.