In March we
wrote about a proof of concept developed by Spanish stock exchange group Bolsas y Mercados Españoles (BME) in which collateral pledges were digitized using blockchain. Just nine months later, the solution is now in production.
Previously collateral pledges involved issuing a physical certificate which invariably took 24 hours. Now issuing a digital collateral certificate on the blockchain takes ten minutes. And unwinding the pledge is just as fast.
BME is an umbrella group that includes all the Spanish stock markets as well as BME Clearing and Spanish central securities depositary IBERCLEAR. Both BME Clearing and IBERCLEAR participated in the project as well as the first external user Renta 4 Banco, which provides brokerage services.
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