LSEG has expanded its post-trade solutions business with a digital settlement service, offering instant settlement between payment networks on and off chain.
Digital Settlement House (LSEG DiSH) allows for the instant use of cash, securities and digital assets on a 24/7 basis. Settlement can be conducted on the DiSH ledger, or the service can act as a notary for settlement in other networks and assets.
Commercial bank accounts will be operated by the DiSH ledger, with users able to instantly own commercial bank deposits and move money instantly across currencies and jurisdictions, on a 24/7 basis.
Allowing for payment-versus-payment, delivery-versus-payment and settlements across all assets, the service will provide a real cash leg for FX and digital asset transactions and settlements, LSEG says.
In a proof-of-concept (PoC), conducted with Digital Asset and a group of financial institutions, LSEG completed a number of transactions in which participants were able to instantly transfer commercial bank deposits. The deposits were tokenised on the Canton Network to be used as a real cash leg. Ownership of the deposits was recorded on the DiSH ledger.
Daniel Maguire, group head of LSEG Markets and CEO of LCH Group, commented, “This service will enable users to reduce settlement risk, and integrate existing cash, securities and digital assets across new and existing market infrastructure.”
The service will also facilitate intraday borrowing and lending, improving liquidity management and reducing settlement risk, the firm added.
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