Spanish Regulators Undertake a Blockchain pilot
The Spanish National Securities Market Commission (CNMV), Spain’s securities regulator, BME and various banking and financial institutions such as Banco Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale have announced the completion of the pilot test for the Fast Track Listing (FTL) project.
The CNMV has announced: “The objective has been to simplify processes and reduce the amount of time needed to register issuances. It has been proven that the use of blockchain technology can improve efficiency in terms of time and resources, as well as increase the security and traceability of processes.”
The project has successfully completed the proof-of-concept test which consisted of the registration and issuance of warrants. The use of Blockchain shortened the process, which usually took more than a week, to 48 hours. The project boasted a reduced time of over 70% due to the connection of all the systems, automatic validation of requirements and transparency.
CNMV has announced their intention to explore other possible use cases of this technology and continue with the further development of this project. BME and all the other domestic and international warrant issuers have also pledged support in the future development of this collaborative project according to the statement issued.
