Tel Aviv Exchange Joins Hands With BTP to Support Blockchain Securities Lending Platform

Tel Aviv Stock Exchange

Working as a leading enterprise-grade blockchain technology startup based in Edinburg, the Blockchain Technology Partners (BTP) has announced the news about its strategic partnership with Israel’s only stock exchange market, Tel Aviv Stock Exchange or TASE, as it is widely known as.

According to the official reports, BTP has collaborated with the stock market firm to facilitate the operational aspects of its highly anticipated Blockchain Securities Lending platform. TASE will aid BTP in manifesting the production readiness of the BSL platform. The solution is likely to expect a launch in the ending phase of 2020.

In May 2018, TASE announced the news about its team working on the creation of a Blockchain Securities Lending solution in partnership with Accenture and The Floor. As the country does not have a centralized securities lending platform, the BSL project is likely to allow the investors to indulge in large volume security trades in an economical and less time-consuming manner. BSL will serve as a trading platform built on Hyperledger Sawtooth that offers the benefits of a distributed ledger. It collaborates with Intel Software Guard Extensions technology to provide the highest standards of data privacy.

Uri Shavit, EVP, Chief Information Officer, TASE stated that,

When we set out on this journey with Accenture, Intel and The Floor our goal was to harness the power of cutting-edge blockchain technology to transform the Securities Lending market in Israel by creating a distributed service available to all our market participants in order to increase the volume of the market and make it available for more players in the market.

The BSL project has been through internal acceptance testing in which BTP was an active participant. At the initial phase, TASE chose Intel SGX chips for privacy and Hyperledger Sawtooth as the open-source blockchain protocol. Sextant Sawtooth has been designed by BTP, and it is a “production grade” version of Sawtooth. BTP also helped in the integration of the DAML smart contract language with Sawtooth.

TASE’s Blockchain Securities Lending platform is not the first project in the concerned field. Earlier, the Spanish stock exchange group, Bolsas y Mercados Españoles, launched collateral pledging solutions in association with its subsidiaries IBERCLEAR and BME Clearing. Another project included the Deutsche Börse-HQLAX DLT solution, which allowed collateral swapping for the investors.

Uri added,

With today’s announcement, there is now a clear path to achieving this goal and taking our BSL Proof of Concept (PoC) forward into production with the help of our delivery partner BTP.