Quartz Settlements
Shorter, seamless, and secure settlement processing with DLT
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Capital Markets
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Highlights
- Over-the-counter (OTC) settlement processes are prone to inefficiencies and high risks due to multiple intermediaries and information duplication on siloed and legacy platforms.
- Quartz Settlements solution addresses these challenges by automating settlement processing with blockchain and the distributed ledger technology.
- It allows financial market participants to set up and run a blockchain ecosystem and facilitate Delivery versus Payment (DvP) settlement of tokenized assets held on the ledger, thus leading to simpler process flows, lower costs, real-time settlements, and reduced risks.
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Abstract
Globally, OTC trade settlements are typically characterized by a host of challenges that include delays and operational inefficiencies due to involvement of multiple intermediaries, continuous exchange of messages between these intermediaries, and higher transaction costs.
These challenges can be addressed leveraging the blockchain technology and by setting up a private, permissioned blockchain ecosystem which allows market participants to operate as nodes.
Challenge
Today, OTC trade settlements are prone to high capital risks and transaction costs due to delayed settlement processing, manual interventions, and duplication of information on siloed, legacy platforms.
Most regulators are therefore pushing for settlement reforms, including shortened settlement cycles, mandating central counterparties (CCPs), and increased transparency for all stakeholders.
Solution
Quartz Settlements leverages blockchain and the distributed ledger technology (DLT) to set up a private, permissioned blockchain ecosystem which allows market participants to operate as nodes.
Stock exchanges/central securities depository/central banks or any market infrastructure provider can easily set up and run such an ecosystem. The Quartz Settlements solution facilitates Delivery versus Payment (DvP) settlement of tokenized assets held on the ledger. It comes with smart contracts that enable validation and matching of off-market trades as well as real-time, final, irrevocable settlement of these assets on the Quartz blockchain ledger.
Benefits
Allows transaction processing and settlement in real time (T+0).
Potential to disintermediate, leading to simpler process flows, lower costs.
Reduces systemic risk as the distributed nature of the blockchain eliminates any single point of failure.
Eliminates data duplication and messaging overheads, hence reduces reconciliation efforts with market participants.
Swipe LeftSwipe RightQuartz solution is architected on the premise that tokenized digital assets will coexist with conventional assets and enables clients to drive differentiation and growth. The solution builds on TCS’ position as one of the leading providers in the market infrastructure and asset servicing space.
R. Vivekanand
President – BFSI Products & Platforms, TCS
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