UBS to Launch Live Ethereum Platform with Barclays, Credit Suisse and More

Michael del Castillo   |  Cointelegraph
 Dec 11, 2017 at 12:00 UTC

Described internally as the Massive Autonomous Distributed Reconciliation platform, or Madrec for short, the project led by Swiss banking giant UBS, with help from Barclays, Credit Suisse, KBC, SIX and Thomson Reuters, is designed to make it easier for banks to reconcile a wide range of data about their counterparties.

Traditionally, regulated firms use what are called “legal entity identifiers” that are stored in a global data system to execute transactions on behalf of clients, even if those clients themselves don’t have one of the codes. But as part of a sweeping regulatory change called the Markets in Financial Instruments Directive (MiFID) II, scheduled to go live in the EU on Jan. 3, 2018, all eligible legal entities will be required to have and use these codes.

Instead of mandating that each of these institutions perform these checks independently, though, the banks built Madrec to mutualize much of the effort in a potentially industry-wide reconciliation process hosted in the Microsoft Azure cloud.

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Cryptocurrency Monero To Be Accepted By Musicians Such As Mariah Carey, G-Eazy, Sia For Holidays

Artists and the music Industry forge ahead with Blockchain for payments.

Laura Shin | Forbes

In a year that has seen some parts of the traditional financial world embrace Bitcoin, it’s only fitting that other, less buttoned-up industries would take up cryptocurrency as well.

In that vein, Monero announces that 45 musicians, plus five other online stores, will be accepting the privacy coin this holiday season and offering discounts to those paying in the cryptocurrency.

The full list covers a wide range of artists, from Weezer to G-Eazy, from Slayer to the B-52s, from Dolly Parton to Morrissey.

Other big name artists include Backstreet Boys, Kaskade, Lana Del Rey, Lumineers, Marilyn Manson, Motley Crue and Sia. A complete list can be found here.

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