Blockchain Test Is Fulfilled by Spain’s Securities Market Watchdog
Recently Spain’s securities markets watchdog and a team of financial establishments involving Banco Santander have fulfilled a blockchain pilot directed at testing and monitoring the tech for recording stock orders issuances and registration.
The project Fast Track Listing (FTL) are observed paerticipants from the Spanish National Securities Market Commission (CNMV) and banks such as Banco Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale.
The concept is that public databases can be utilized to more productively record data regarding the issuance of orders– agreements or contracts bearing the right to purchase new stocks at a definite cost before they expire – and strain that information to all parties. As per Banco Santander, the pilot revealed that the time to register an order issuance was reduced by more than 70 percent using the pilot platform.
Primary results from the test were encouraging, the team mentioned, setting the stage for subsequent proofs-of-concept over the technology.
Pursuant to the statement: “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.”