American Ledger Secures ATS Status, Announces Plans for Digital Securities Market
LOS ANGELES, June 13, 2018 /PRNewswire/ — American Ledger LLC (“American Ledger”), a financial services and technology company, announced today that its subsidiary, American Ledger ATS LLC, has secured status as an Alternative Trading System by satisfying the filing requirements of the US Securities and Exchange Commission under Regulation ATS. Over 150,000 unique securities are included within the scope of the firm’s initial filing, and the firm said that it expects this list to expand significantly through amended filings over time.
American Ledger also announced its plans to develop a wholesale digital securities market to bridge the divide between international public blockchain markets and the US financial services industry. The plan is focused on the development of an institutional secondary market to support ETF market makers as well as distribution of wholesale liquidity to funds and broker/dealers offering securitized digital asset portfolios to US investors.
American Ledger plans to launch the new securities market using electronic brokerage and market aggregator software developed by InterDealer Information Technologies LLC (“InterDealer”). The InterDealer software and network has already been used to execute over one million trades in the fixed income and derivatives markets. The American Ledger platform will operate on InterDealer’s trading network that is now connected to 75 of the largest market makers active in the US fixed income markets.
American Ledger was founded by Dan White, a serial entrepreneur and 25-year veteran of electronic trading markets. Prior to starting American Ledger, White developed electronic brokerage systems for several institutional over-the-counter electronic markets. He was an original developer of EBS, the world’s largest and most successful foreign exchange brokerage service launched in 1993. White founded Tradesoft Technologies in 1997 where he developed the electronic trading system used by Euro Brokers to launch its emerging market bond ATS. Euro Brokers purchased Tradesoft in 2000 and White became Euro Broker’s Chief Technology Officer. In that capacity, White’s brokerage systems were deployed to over-the-counter securities and derivatives markets in Europe, Asia, and the Americas including interest rate swaps, interest rate options, US treasury swaps, money market loans, credit default swaps, floating rate notes, and US agency bonds. In 2005, White founded InterDealer to provide electronic brokerage systems to institutional brokers, banks, and hedge funds. In 2007, InterDealer systems handled over 15% of US inter-dealer-brokered credit default swap transactions. White is the original architect of the MTS BondsPro corporate bond ATS and the UBS PIN-FI fixed income and credit default swap order matching service now known as UBS Bond Port. The PIN-FI system was also deployed as a SEF aggregator operating under Dodd Frank regulation and has operated in 27 countries. The electronic trading services launched on the American Ledger software platform have been recognized with several awards including four “Electronic Trading Platform of the Year” awards from publications such as Institutional Investor Magazine.
In addition to institutional brokerage services, American Ledger said it plans to offer software to facilitate digital asset management, trading and settlement by broker/dealers to help these firms satisfy the increasing customer demand to participate in blockchain related investments. American Ledger CEO Dan White said, “Our mission is to enable regulated broker/dealers to provide their clients with efficient access to suitable investments in digital securities. We serve traditional broker/dealers advising sophisticated clients as well as tech-savvy hedge funds who are active in international cryptocurrency and token markets.”
American Ledger explained that it plans to offer a “retrofit” solution for existing ETF market makers who have successfully deployed their systems in fixed income and equities markets and wish to leverage their technology assets by expanding into the cryptocurrency and security token markets. The firm said its solution offers a FIX API for trading, and its post-trade systems interface with back office systems using traditional clearing and settlement protocols.
White said, “We have seen the rapid expansion of international markets for Bitcoin and other cryptocurrencies, however these heavily fragmented markets are not ready for the massive influx of funds from the US investors that would likely follow the introduction of a cryptocurrency ETF. Our firm and our market aggregator technologies have an established track record in serving ETF market makers in the fixed income markets.”
On the topic of regulation, White explained, “We have many years of experience managing automated systems in evolving markets that frequently outpace regulations. While US regulators are actively pursuing fraud in ICO markets, they are understandably cautious in their approach to digital assets freely traded on a public blockchain. Where we offer services in either the capacity of a broker through American Ledger ATS or in the more limited role of software vendor, our solutions are designed to enable firms to effectively manage the nine fundamental pillars of risk we believe are most important to regulators. These areas are: operational risk, market risk, credit risk, liquidity risk, sales risk, fraud, money laundering risk, safekeeping of customer assets, and the accurate calculation of each firm’s net capital. By offering appropriate solutions to participants that address each of these areas, we can supply the core technologies necessary to effectively offer and sell suitable digital asset investments. In doing so, we strive to deliver the streamlined customer experience that has become a high priority for digital asset investors.”
Continuing, White also outlined the firm’s discussions with regulators, “We maintain an active dialog with regulators to provide information regarding our solutions, to answer their questions, and to show how our solutions can represent a substantial improvement over current market practice. In our discussions, we suggest novel ideas, however in our deployments, we respect the pace of regulatory change. We are committed to maintaining our active engagement with regulators as the rules continue to evolve.”
Non-institutional US investors considering an investment in digital securities should contact their registered broker/dealer or investment advisor.
For more information, please visit https://www.AmericanLedger.com.
Reviewed by FINRA.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or availability of an exemption under the securities laws of that jurisdiction.
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