The Covid crisis has accelerated the adoption of many digital processes and new business models, especially around bringing industries online. Arguably the largest marketplace in the world, the private capital markets are one of the last ecosystems that still work with almost no digitization or automation. However bringing the capital markets online requires a joint effort by the financial industry. Therefore, the financial community came together to step up to this challenge, to digitize private capital markets, and dramatically scale up its capacity to help private assets get the financing they need and enable secondary trading in a new global digital market.
Call to Action
On the 26th of May 2020, an industry group, the Private Markets Digitization Steering Group, which was formed under the umbrella of GDF, came together with the purpose of digitizing the private markets. The group included leading financial institutions, market infrastructure players, major technology companies, Fintech startups and regulation experts.
The principal output of the session was to work together towards the launch of an institutional digital securities network.
The group then created 4 work streams:
FinP2P is a proposal for a digital security network specification, which would be:
Open to all regulated institutions
The specifications for FinP2P will be driven mainly by members of the Technology work stream, but are public and transparent to the industry. The plan is for these specifications to be open-sourced, so that every market participant across the value chain, can develop and deploy technology utilizing these specification, to form a global, institutional digital securities network.
We encourage all stake holders and contributors to review the specifications, and participate in the discussion.
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The FinP2P community have completed the first PoC stage, integrating FinP2P nodes with 10 different technologies, a short video of the PoC event can be seen here: