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Interop Principles

The following interoperability principles were put together by a banking working group who are involved in a number of new digital platforms, both cash and securities. The intention of these principles is to guide the discussion around the technical implementation.

  1. Anchored in Production implementation
    Standards need to be driven by actual implementations across production targeting business platforms, not only theory. This ensures that the practical implementation, performance and maintenance of the standards are well grounded.

  2. Minimum (Wholesale) business flow scope Standards need to cover, at a minimum, the patterns of interop that enables intraday XvP for Repos, FX Swaps and Equity/Bond Settlements. This is therefore focused on the regulated wholesale capital markets segment, it does not intend to cover public network interop or bridges. It is assumed that for regulatory purposes the assets do not leave the originating network/chain.

  3. Minimum protocol scope Standards need to cover, at a minimum, interop patterns across R3 Corda and EVM (e.g. HL BESU) driven by the majority of business platforms coming to market and testing via the TestNet. [Corda 4/5 to Corda 4/5, Corda 4/5 to EVM, EVM to EVM]

  4. Aligned to relevant standards body Standards need to be seeded to the relevant standards body where it can be credibly supported. This standard is cross protocol (i.e. not EVM or Corda specific) and across capital markets business lines. [Note: One for the community to steer, options provided by working group].

  5. Maintains community incentive alignment
    Standards & reference implementations drive aligned incentives for both those developing/maintaining the standards as well as not locking in a piece of 3rd party software / tech required that can be monetised by one party only.

  6. Reference implementations accelerate adoption
    Standards require reference implementations to accelerate the adoption within their protocols, these reference implementations should be open source.

  7. Patterns anchored around Wallet/Asset holders not bridges in the first instance
    New DLT business platforms are natively designed to operate without message brokers and their standard patterns will revolve around the banks (wallet/asset holders) deploying the required interop orchestration (based on reference implementations).