Major European Banks to Apply Blockchain for Securities
June 27, 2018
A number of large European financial organizations have announced they start developing a joint Blockchain project aimed at faster warrant issuance.
Warrants are certificates that authorize to acquire securities for a determined price during some period of time or before the expiry date.
Spanish National Securities Market Commission (CNMV) together with stock market operator BME as well as banks Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale have entered into a consortium on the concept of the project named Fast Track Listing. Its designed to reduce financial certificate issuance registration time to 2 days. According to the statement published on June 25 by CMMV, this process takes generally up to 7 days.
CNMV spokesmen noted, the commission will continue studying Blockchain to apply it for issuing national and international warrants.
Note that quite recently the head of BBVA Carlos Torres spoke of blockchain as immature technology with a number of problems. It is to be added that another partner to the project, Santander bank, launched its own Ripple payment system for retailers this April.