Currently in pilot as an MVP (minimum viable product), Project Ion provides a parallel record of daytime bilateral deliveries of equity securities between DTC participants on the existing DTC settlement system.
The existing “classic” DTC settlement system remains the authoritative source and is responsible for processing the actual movement and exchange of cash and securities. The Project Ion MVP pilot does not facilitate any transaction processing.
The MVP of Project Ion is designed to act as a parallel book and infrastructure, demonstrating the ability to reflect specific activity as it is occurring in the DTC classic system. It also demonstrates scalability, recording a peak of 160,000 transactions on a peak day.