Spain's Securities Market Watchdog Completes Blockchain Test

A pilot test was successfully conducted for a Spanish-backed blockchain project to increase the efficiency of registering issuances.

Jun 25, 2018 at 4:20 p.m. UTC
Updated Sep 13, 2021 at 8:06 a.m. UTC

Spain's securities markets watchdog and a group of financial institutions including Banco Santander have completed a blockchain pilot aimed at testing the tech for registering stock warrant issuances.

The year-long Fast Track Listing (FTL) project saw participation from the Spanish National Securities Market Commission (CNMV) as well as banks such as Banco Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale.

The idea is that shared databases can be used to more effectively register information about the issuance of warrants – contracts bearing the right to purchase new shares at a certain price before they expire – and filter that data to all parties. According to Banco Santander, the pilot showed that the time to register a warrant issuance was cut by more than 70 percent using the pilot platform.

Initial results from the test were promising, the group indicated, setting the stage for further proofs-of-concept around the technology.

"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," according to statements.

Banco Santander bank image via Shutterstock

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