Thomson Reuters has been added to the bank-backed R3 blockchain consortium which has been working to design and deliver advanced distributed ledger technologies DLTs to the global financial markets.

Thomson Reuters is the first major data and technology provider to join the group of more than 55 banks and other financial institutions.

The data company runs currency trading platforms FXall and Thomson Reuters Matching. The total average daily volume of foreign exchange trading across the two platforms totaled $394 billion in June.

Exploring the Blockchain in Trade Finance

Thomson Reuters has been working on blockchain initiatives for more than a year with labs in both London and New York.

On a larger scale, it is known for developing and delivering intelligent information and solutions for professionals to connect and empower global markets.

Managing director, strategic customers & solutions, at Thomson Reuters in New York, Mark Rodrigues, told Reuters News that they are particularly interested in exploring blockchain in its trade finance business, which lacks data standards, as well as in foreign exchange clearing and settlement.

He says:

"Our goal with R3 is to collaborate together with the consortium and our customers in these key industry discussions as we shape the future of financial transactions.”

Thomson Reuters is the parent company of Reuters News.

Potential to change financial services

Rodrigues said that 50 financial institutions that are existing members of R3 are all Thomson Reuters’ clients.  

R3 operates on the notion that the DLT has the potential to change financial services as profoundly as the Internet changed media and entertainment.

It will collaborate with partner institutions on research, experimentation, design and engineering.

R3 CEO David Rutter described the addition of Thomson Reuters as a major milestone for the initiative as its insight and expertise in this field will be an invaluable asset in the consortium’s collaborative lab environment.