Spanish stock market operator tests blockchain-based collateral pledges

14 Mar, 2019
by Alberto Arnaldo
Spanish stock market operator tests blockchain-based collateral pledges

According to a press statement sent out today, Spanish IBEX 35 reference index operator will be joining forces with the national leader financial services company and bank Renta 4, in order to eliminate the need to use an exchange physical certificates for the certification process of collateral pledge.

The first test for the digitization of collateral pledges via blockchain tech has already been carried out by both companies. Renta 4 covered BME’s (Bolsa y Mercados Españoles) customers positions by constituting and releasing the blockchain-authentified collateral pledge.

The test has showed a very significant reduction in the total times of end-to-end processes, exceeding 80%. The system is expected to go live by the end of this year, according to the press statement.

Another of the advantages over the previous process is providing participants with better operational and risk management, thanks to a direct access to the information, and to the possibility of participating in the validation of pledge agreements. 

The lion’s share of the developing work has been conducted by BME’s DLT-Lab, a special department created by the company operating the main Spanish stock markets index in order to leverage the power of blockchain technology in financial applications. 

Read more: Spanish Hotel Chain is exploring program to accept Bitcoin payments; Malta and Andorra will roll out academic titles on blockchains

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