Spain’s Securities Market Watchdog Completes Blockchain Test; Results ‘Promising’June 25, 2018 11:33 pm
A blockchain pilot devised to test the tech for registering stock warrant issuances involving Spain’s securities markets watchdog and a group of financial institutions – including Banco Santander – has been completedCoinDesk reported Monday.
Besides Santander, participants in the year-long Fast Track Listing (FTL) project included the Spanish National Securities Market Commission (CNMV) as well as banks such as BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale, the report said.
The idea is shared databases can be used to more effectively register information about the issuance of warrants – contracts bearing the right to purchase new shares at a certain price before they expire – and filter that data to all parties, CoinDesk reported.
According to Banco Santander, the pilot showed the time to register a warrant issuance was cut by more than 70 percent using the pilot platform, the report said.
Initial results from the test were promising, the group said, setting the stage for further proofs-of-concept around the technology, CoinDesk reported.
“After obtaining such good results, CNMV has decided to continue exploring the possible uses of this technology in its processes and carry on with the project. BME and all the national warrant issuers (BBVA, Caixabank and Banco Santander), as well as international warrant issuers (BNP Paribas, Commerzbank and Société Générale), are also actively contributing to this project,” according to statements.
– WN.com, Jack Durschlag