Spain’s Securities Regulator Commences A Blockchain Trial

Spain’s Securities regulator Spanish National Securities Market Commission (CNMV), BME and other banking and financial institutions Banco Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale have confirmed the completion of the trial test for the Fast Track Listing (FTL) project.

The CNMV reported in a statement:

“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 effectively gone through the proof-of-concept test which involved the registration and issuance of warrants. A process which usually over a week was done in a space of two days by integrating blockchain technology. The project bragged of a reduced time of more than 70 percent as a result of the connection of all the systems, automatic validation of requirements and transparency.

Due to the positive outcome, CNMV has revealed their plan to try other possible use of this technology and move one with the further development of this project. BME and all other domestic and international warrant issuers have also promised to promote the future development of this collaborative project according to a report.