BBVA & Banco Santander to Complete Blockchain Test

Spanish National Securities Market Commission, Banco Santander, BBVA, BNP Paribas, and more took part in  Fast Track Listing (FTL) project 
26 June 2018   391

The National Commission for the Securities Market of Spain and a group of local and international banks, including Banco Santander and BBVA, completed a pilot blockchain-project, which tested the technology for issuing warrants. This is reported by CoinDesk.

The Spanish National Commission for the Securities Market (CNMV) and banks Banco Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale participated in the Fast Track Listing (FTL) project, which took one year.

The idea was that common databases could be used to more efficiently exchange information on warrants. The latter are contracts that give the right to buy new shares at a certain price within a certain period of time.

According to Banco Santander, the pilot project showed that the use of the blockchain-platform reduced the time of issue of warrants by more than 70%. The initial test results were promising, which paved the way for further work on the concept of the platform.

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.

Project Participants Statement

Earlier the Spanish banking giant BBVA successfully launched a pilot version of the blockchain solution for processing trade transactions between Europe and Latin America, created on the basis of the Wave platform.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   158

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.