uTrade launches India’s first blockchain technology solution ‘uClear’

FinTech | June 21, 2016 By:

uTrade Solutions announced the launch of ‘uClear’.

uClear is India’s first blockchain technology driven solution that will enable real time clearing and settlement of contracts across the cash and derivatives segments of the financial markets. 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.

“We believe blockchain is a very powerful technology that will dramatically change the way the financial services industry operates. Discussing blockchain today is like discussing the internet in 1996. There was a lot of hype, a mix of potential and skepticism. Eventually, the internet did change our lives for the better. The same is what we foresee with blockchain,” said uTrade Solutions co-founder and CEO Kunal Nandwani.

The press release said that UK-based Global Markets Exchange Group (GMEX Group) will be the first to integrate uClear in July 2016 through its GMEX Technologies (GMEX Tech) subsidiary. GMEX Tech is supported by its development partner Forum Trading Solutions (Forum).

“We are excited by blockchain’s potential and are in line with GMEX Tech’s focus on fin-tech innovation and we are exploring a hybrid model.” He further added, “This helps both GMEX Group and our exchange clients to adapt in an era of rapid change and facilitates greater transparency for the regulators. We look forward to continuing our partnership with uTrade Solutions as we work towards the evolution of hybrid market infrastructure,” said GMEX Group CEO Hirander Misra.

uTrade Solutions is an open source financial trading technology company based in India.