The Spanish National Securities Market Commission (CNMV), BME and a group of financial institutions formed by Banco Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale, have been collaborating over the past year on a project called Fast Track Listing (FTL), which is based on blockchain technology.
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 blockchaintechnology can improve efficiency in terms of time and resources, as well as increase the security and traceability of processes.
The project, which is being developed on a collaborative basis, has included the completion of a proof-of-concept test which has been carried out successfully and consisted of the registration of an issuance of warrants. This test has proved that it is possible to execute the process in 48 hours compared with an average time frame of more than a week (a reduction of over 70%), thanks to the connection of all the systems, automatic validation of requirements and their transparency.