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tZERO

Distributed Ledger Platform for Capital Markets

Our platform integrates cryptographically secure distributed ledgers with existing market processes to reduce settlement time and costs, increase transparency, efficiency and auditability.

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About tZERO

A DLR (Digital Locate Receipt) is a digitized version of a traditional REG SHO locate. tZERO’s DLR platform provides its clients with a technological solution to automate the traditional REG SHO locate process to meet operational and regulatory requirements. tZERO’s DLR platform captures all inventory and audit trail information and stores that information permanently on a proprietary blockchain.

  1. DLRs are created when Inventory Providers place on the tZERO DLR platform either: A file showing available inventory on an ftp server in an overnight process or; Posting individual stock inventory and offers into the tZERO portal.
  2. Short Sellers (Users) are able to view and purchase DLRs through multiple ways as outlined below: tZERO’s Neotrader web portal - accessible through any internet browser with a Username & Password. Proprietary FIX API – Users can access the tZERO “route” through any front end trading application or OMS. tZERO’s Revo – tZERO’s stand-alone, proprietary trading application.
  3. The tZERO DLR platform matches Inventory Providers and Users who have placed Bids and Offers overnight. At 8:30 am Eastern Time, the tZERO DLR Platform matches corresponding bids and offers, and generates DLR purchase reports.
  4. From 8:30 am to 8:00 pm Eastern Time, Inventory Providers and Users are able to post Bids and Offers in a transparent environment to purchase a DLR in real-time.
  5. When Users purchase a DLR, they are then able to short the underlying stock up to the quantity of DLRs they’ve purchased for the day. The DLR confirm is sent to the Users’ front-end technology provider as well as their executing broker to ensure that the stock is able to be shorted in their system and that the executing broker is aware of the DLR.
  6. Users holding overnight short positions can also utilize the tZERO Platform so that proper arrangements can be made to deliver stock on settlement date.
  7. All DLR creations and purchases are registered to the blockchain creating a permanent order trail and accessible digital record.
  8. Users accrue fees based on the DLR price and routing costs. Inventory Providers generate revenue based on the DLR price minus creation & routing costs.
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