104574Disruption of Financial Services Through Distributed Ledger Technology --- The Revolution of The Depositary Receipt MarketClosedFeasibility StudiesInnovate UK"An old saw in the financial markets holds that nothing good happens after a trade is agreed. Trades are agreed instantly on digital platforms today but post-trade delivery of assets still takes days, looking at high costs, errors and omissions. Most of these inefficiencies is explained by the time it takes counterparties and their service providers to reconcile records. Distributed Ledger Technology (DLT) eliminates that need by replacing separate ledgers with a single but distributed one, which is always up-to-date and to which all parties to a trade have access. At RISE, we are veterans of post-trade processing, and the only company in the UK exclusively dedicated to using DLT to deliver a game-changing series of effects to post-trade processing of financial instruments - like DLT has already done with Initial Coin Offerings (ICOs). To retain London's status in global finance post-Brexit it must use every tool it can to attract issuers and investors from all over the world. Unsponsored DRs are a UK originated and long-established instrument for doing this but are at present issued mainly to American investors and suffer from a number of obstacles which hinder both its overall growth and the investment returns available to investors. Our DLT can overcome this, triggering many benefits. Key to bringing our solution to the market is the support of incumbents; we already secured the commitment from key DR stakeholders with which we will execute the proof of concept. This will serve as basis for a pilot platform implementation, commercialisation and growth once the benefits are visible in the DR market. By eliminating the operational obstacles to growth, DLT will not only help the market to grow, but attract issuers and investors to London. These and other gains will continue to reinforce London's role as an international financial hub, as it will be the centre of a new, DLT-based model of unsponsored DR issuance and servicing, creating wealth and jobs."