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Israel Stock Exchange Turns to Blockchain for Securities Lending
The Tel Aviv Stock Exchange (TASE) has announced that it will launch a blockchain-powered securities lending platform at the end of 2020. The platform will allow direct lending among all major financial instruments.
In his Press release, the exchange revealed that it will launch the central Blockchain securities lending platform on November 2.
The Israeli securities market currently does not have a central lending platform, as securities lending is executed using disjoint interbank mechanisms. This prevents its full exploitation to meet the potential needs of economic agents.
TASE believes that the new blockchain platform will transform the securities lending market in the country by enabling direct lending among all major financial instruments. It will give market participants access to larger volumes of securities in shorter time frames, acting as a one stop shop for all securities lending activities. Smart contracts will also be integrated, eliminating the need for trusted intermediaries.
Using blockchain technology will give traders more confidence in the system, TASE said, in addition to lowering all costs, making the platform more versatile and improving security.
TASE, Israel’s only public exchange, has been testing the platform since March, she revealed. It gave its members access to a first test environment, allowing them to adapt their systems while waiting for the production phase in November.
Orly Grinfeld, head of clearing at the exchange, praised the platform, saying that blockchain technology will introduce a new level of security for securities lending and support the growth of transactions based on this new platform. form. TASE is a global leader in financial innovation and strategically pursues the technological advancement of the capital market. “
TASE becomes the latest exchange to integrate blockchain technology as the securities industry continues to embrace this technology. The Nasdaq was one of the first to adopt blockchain in its secondary market to ensure the secure issuance and transfer of shares for private companies.
Other exchanges have followed in the footsteps of the Nasdaq, with the Toronto Stock Exchange, Deutsche Brse, Tokyo Stock Exchange, Indian Securities Exchange Board, and Australian Stock Exchange all in various stages of research and implementation. of technology.
New to Bitcoin? Discover CoinGeekBitcoin for beginnerssection, the ultimate resource guide to learn more about Bitcoinas initially envisioned by Satoshi Nakamoto and the blockchain.
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