R3's open, permissioned Corda platform will serve as the foundation for CSD Prague's security settlement system under the EU DLT Pilot Regime.
LONDON, Nov. 07, 2024.
The European DLT pilot encourages market innovation by providing a legal framework under which approved, regulated financial institutions can develop new forms of market infrastructure utilizing DLT. R3's Corda platform is the first authorized DLT platform to be approved by the European Securities and Markets Authority (ESMA) for the pilot regime. R3's Corda supports network sovereignty, offering institutions control over the networks they issue onto. Flexible, secure, and scalable, Corda is designed to meet the needs of regulated financial markets, supporting robust investor protections and preserving market integrity, stability, and transparency. This collaboration aligns with R3's vision of creating a more open, trusted, and adaptable digital economy and its commitment to advancing interoperability between permissioned and permissionless networks.
For CSD Prague, adopting Corda offers robust technical capabilities including secure tokenization and settlement services. Focused on enhancing local projects such as Czech securities and bonds, CSD Prague aims to modernize its infrastructure, increasing efficiency while ensuring compliance with European financial regulations. Corda's interoperability features will also help CSD Prague expand its reach to broader European markets, enabling them to transact with legacy systems as well as different types of DLT networks.
Kate Karimson, Chief Commercial Officer at R3, commented: "The European DLT Pilot Regime marks a critical milestone for the digital asset community and CSD Prague has been a pioneer in bond market innovation. We are excited to work with them to deliver solutions that will shape future financial markets and their regulation. R3 is delighted to support the development of new market infrastructures in Europe, and this partnership is a testament to Corda's capabilities as the most used DLT platform in production and for regulated institutions."
Ondrej Dusílek, Chief Executive Officer of CSD Prague, commented: "We are excited to implement R3's Corda technology, which meets the privacy, security, and regulatory requirements set by ESMA, at scale. 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."
Media Enquiries:
Eterna Partners for R3
R3@eternapartners.com
Press contact for CSD Prague
press@cdcp.cz
About R3
R3 is the leader in digital currency, digital assets and interoperability solutions. R3 supports Central Banks, Corporates and FMIs by providing them with solutions to progress financial markets digitization.
Corda is an open, permissioned DLT platform powering the tokenization of assets and currencies connecting global markets. Corda enables tokenization with control, security and privacy, providing asset mobility in a permissioned, trusted environment.
R3 is committed to progressing financial markets and to enabling an open, trusted and advanced digital economy.
For further information, please visit www.r3.com.
About CSD Prague
Central Securities Depository Prague: The Central Securities Depository Prague (CSDP) is a fully owned subsidiary of the Prague Stock Exchange (PSE). It maintains the central register for dematerialized securities issued in the Czech Republic, assigns international securities identification numbers (ISIN) to investment instruments, and operates a settlement system for settling exchange and OTC securities trades. CSD Prague is a member of the CEE Stock Exchange Group.
For more information, visit https://www.cdcp.cz/?lang=en
