uTrade brings blockchain to India
uClear is promoted as India’s first blockchain technology solution for real time clearing and settlement for financial markets.
uClear is promoted as India’s first blockchain technology solution for real time clearing and settlement for financial markets.
Indian financial technology (fintech) company uTrade Solutions, a specialist in enterprise trading technology software, is launching ‘uClear’, described as India’s first blockchain technology driven solution for enabling real time clearing and settlement of contracts across the cash and derivatives segments of the financial markets. The Mumbai, New Delhi and London-based provider said that the first stage of adoption will be led by the over-the-counter (OTC) segments without existing central clearing infrastructure such as foreign exchange (FX) and the fixed income securities markets.
Built on the most adopted blockchain technology, multichain, uClear will enable exchanges and trading venues to clear trades post execution with greater efficiency through a private blockchain. The solution comes integrated with features such as real time risk management, reporting and transfer instruction generation. uTrade said that the UK-based exchange technology provider Global Markets Exchange Group (GMEX) will be the first to integrate uClear during July through its GMEX Technologies (GMEX Tech) subsidiary, supported by its development partner Forum Trading Solutions (Forum).