CSD Prague selects R3’s Corda for European DLT Pilot Regime
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CSD Prague selects R3’s Corda for European DLT Pilot Regime 07 November 2024Czech Republic Reporter: Daniel Tison
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The Central Securities Depository (CSD) of the Czech Republic has selected R3 as the technological provider for its distributed ledger technology (DLT) securities settlement system.
CSD Prague will use R3’s DLT platform Corda as part of its efforts under the European DLT Pilot Regime where financial institutions work to develop new forms of market infrastructure.
The European Securities and Markets Authority (ESMA) has approved Corda as the first authorised DLT platform for the temporary regulatory framework.
With a focus on enhancing local projects such as Czech securities and bonds, CSD Prague aims to modernise its infrastructure and increase efficiency, while ensuring compliance with European financial regulations.
“We are excited to implement R3’s Corda technology, which meets the privacy, security, and regulatory requirements set by ESMA at scale,” says Ondrej Dusilek, CEO of CSD Prague.
“Although we are focusing on settlement in the domestic market, Corda’s interoperability is very promising. As we look towards the future, this interoperability will be important for expanding our offerings and connecting with a broader range of financial systems while remaining compliant with EU standards.”
Corda supports network sovereignty, offering institutions control over the networks they issue onto.
Kate Karimson, chief commercial officer at R3, comments: “R3 is delighted to support the development of new market infrastructures in Europe, and this partnership is a testament to Corda’s capabilities as a widely used DLT platform in production and for regulated institutions.”
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