BM&FBovespa First Exchange to Join R3
Brazilian exchange will work with consortium on its shared ledger platform.
"We believe that strong collaboration with our customers, regulators and vendors is crucial to futureproof financial and capital markets," said Fabio Dutra, client and business development managing director at BM&FBovespa, in a statement. "Innovation with appropriate regulatory oversight is paramount to making the Brazilian markets even more efficient and reliable. Shared ledger technology may play an important role here."
The Brazilian exchange joins the 60-member group that includes firms on the buy and sell side aiming to create distributed ledger solutions that meet the industry's requirements around identity, privacy, security, scalability, interoperability and integration with legacy systems.
"Distributed and shared ledger technology can transform the way in which FMIs (financial market infrastructures) such as BM&FBovespa issue, record and transfer assets, enabling transactions and reference data to be visible to all relevant parties on the ledger," said David Rutter, CEO of R3, in a statement. "This can cut effort and costs dramatically. We are pleased to welcome BM&FBovespa to our growing network of consortium members in Brazil."
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