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.