Colombian Stock Exchange to Deploy Blockchain Powered Platform for OTC Derivatives Trading
The Colombian Stock Exchange stated that it is becoming a member of Consorcio Colibri, a private drive that fosters the implementation of blockchain technology within the financial sector.
Consorcio Colibri was established by top financial institutions including Bancolombia, Porvenir, Santander Caceis Colombia, BBVA, Contrato Marco, Deceval, and Skandia.
Through collaboration with member company Contrato Marco, the CSE will utilize the Colibri platform’s blockchain technology to enhance functional improvement in the OTC derivatives market, which presently taking too much of time, costlier and cumbersome to reconcile with pre-determined manual processes, as per the CSE.
CSE President Juan Pablo Córdoba stated that blockchain will simplify the clearing and settlement of functional guarantees. As per La República, the contract consists of a plan for adopting measures from the Fintech Connection Program of CSE and Sophos Solutions to expedite digital transition in several channels of business.
Juan Manuel López, executive director of the Contrato Marco, said
“The agreement reached with CSE will allow us to show the market that the future of financial infrastructures lies in blockchain technology.”
Back in October 2019, the Colombian financial technology firm revealed that it has finished a successful trial involving distributed ledger technology to minimize operational threat among partakers in the derivatives market.