Barclays is set to hold yet another hackathon that will look into tackling the financial services industry’s persistent problem of systems that do not communicate with each other efficiently. Once again, the spotlight will be blockchain technology.
The biannual Derivwork 2019 is set to go down on October 16 to 17 in Barclays rise accelerator spaces that are located in London and New York. The two sites held last year’s coding marathon that lasted for 48 hours and the bank’s Singapore office will be included this time around. The event is booming past its name following equities and bonds that are going to be added to the variety of financial instruments that will be involved.
Similar to past recent years, the main agenda of the hackathon will be the investigation of ways through which the international swaps and Derivatives Association, ISDA, common domain model, CDM, can be executed by employing various programming languages and their application to a wide array of platforms. These platforms will include blockchain and distributed ledger technology DLT.
Around 50 teams, each made up of four coders that will be representing banks and financial infrastructure providers will be competing to produce the best solutions. The hackathon is set to have four to about six judges at each of the three locations. The judge bench will be comprised of senior representatives from Barclays, other financial organizations, market structures, trade associations and even universities.
Three prices are set to be won and awarded at each of the three locations that will go to the winner, the runners-up and the third-place teams. Additionally, in sync with ISDA, Barclays has also made a move to assemble numerous partners that will help facilitate and support the hackathon. These include the ilk of R3 for Corda platform support and digital asset for DAML programming facilitation. Other partners will consist of DBS bank in Singapore the US Central securities depository, DTCC the international capital market Association, ICMA among others. The audit and the audit report will be undertaken by big four audit firm EY.
Sunil Challa, who is from the business architect team at Barclays detailed the agenda underlying the hackathon event describing that product categories that fall in the bracket of financial services have gradually evolved organically over the years, and therefore banks and buy-side firms have to keep up with the support in order to facilitate the growth through product-oriented solutions.
He is quoted as saying, “the idea is to demonstrate through with the CDM that these products can actually co-mingle and a standard can cut across them to direct the industry in terms of cross-asset, cross product solutions rather than siloed investment.”