Tel Aviv Stock Exchange to Roll Out Blockchain Powered Securities Lending Platform
Tel Aviv Stock Exchange intends to establish blockchain powered securities lending business in November. TASE stated that the platform will be of immense benefit to the country’s capital markets, which presently do not have a centralized platform for securities lending.
Contradictory to the prevailing set up, which does not meet the requirement of investors according to TASE, the intended blockchain powered platform will offer a one stop platform for all securities lending related operations, while enabling straight forward borrowing of an array of top financial assets by investors.
Earlier in March, TASE rolled out a devoted trial atmosphere for the platform, permitting members to conduct loan transactions.
Based on the outcome of these results, the exchange is fine tuning its platform in the preparation for roll out in November.
The exchange has underlined the benefits of blockchain technology, including P2P dealings, smart contract feature and increase in transaction safety due to unalterable characteristic of blockchain.
TASE states that blockchain technology will permit exchange custodians and customers transact on a cost effective basis with a greater level of security.
Orly Greenfeld, senior vice president and director of the TASE clearing department, stated “Blockchain technology will enable securities lending trading while securing information and supporting the increase in the number of transactions.”
TASE initially revealed about the creation of securities lending platform, built using Hyperledger Sawtooth, in May 2018. The exchange has partnered on the venture with enterprises such as Intel, Accenture and The Floor, a fintech company headquartered in Israel.