Spanish Stock Exchange to Go Live With Blockchain Collateral Pledge Certificates

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Bolsa de Madrid (BME), Spain’s largest stock exchange, said it expects to go live by year-end with a blockchain-based system for certifying collateral pledges after testing the technology.

The test “has shown a reduction in the total times of end-to-end processes exceeding 80 percent,” BME said Thursday, as well as the potential to radically improve the participants’ operational and risk management. The system allows market participants to avoid exchanging paper certificates and monitor the process in real time, the exchange said.

The proof of concept (PoC) was developed by BME’s own distributed ledger technology division DLT-Lab, in collaboration with regulators and other financial institutions, BME said, including BME subsidiary BME Clearing; the Spanish central securities depository IBERCLEAR; and investment bank Renta 4

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