Brazilian exchange joins R3 07 September 2016S茫o Paulo Reporter: Drew Nicol
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Brazil鈥檚 BM&FBovespa has become the first exchange to join the R3 network to pursue market uses of distributed ledger technology.
R3, a blockchain technology provider, leads the network of over 60 global financial institutions to explore blockchain鈥檚 commercial uses.
David Rutter, CEO of R3, said: 鈥淒istributed and shared ledger technology can transform the way in which 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.鈥�
鈥淭his can cut effort and costs dramatically. We are pleased to welcome BM&FBovespa to our growing network of consortium members in Brazil.鈥�
Fabio Dutra, client and business development managing director at BM&FBovespa, added: 鈥淲e believe that strong collaboration with our customers, regulators and vendors is crucial to future-proof financial and capital markets.鈥�
鈥淚nnovation 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.鈥�
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