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BTP Teams with Israeli Stock Exchange on Securities Lending Platform

David Paul

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blockchain

Blockchain Technology Partners (BTP) has developed technology for security lending to be launched in Israel.

Blockchain Technology Partners (BTP) has partnered with the Tel Aviv Stock Exchange (TASE) to prepare it’s Blockchain Securities Lending (BSL) programme for launch.

The partnership will also allow the companies to provide ongoing support for the platform once it has been released.

The software is designed to streamline the lending process, allowing direct lending between parties and providing access to all potential lending activities in one place.

The creation of BSL is a collaboration between the TASE, professional services provider Accenture and tech firm The Floor. The platform is thought to be one of the first projects of its kind in the world.

Uri Shavit, EVP and CIO at the TASE, said: “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.

“There is now a clear path to achieving this goal and taking our BSL Proof of Concept forward into production with the help of our delivery partner BTP.”

BSL is built using software called Hyperledger Sawtooth — an open-source enterprise blockchain network — that keeps data private, only allowing transaction details to be shared between involved parties.

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The CEO of BTP, Duncan Johnston-Watt, commented: “What is really exciting for us is the partnership that we have forged with the TASE team as we’ve worked together on acceptance testing over the past few months.

“As a result of this collaboration, both BSL and our distribution of Sawtooth have been significantly improved with changes to the latter being contributed upstream.”

BTP has previously implemented its Sextant software for use with large companies, such as Digital Asset and Amazon Web Services (AWS).

Kevin O’Donnell, CTO at BTP, added: “Given our background in financial services we could immediately see the parallels with work we’d done in the past delivering trading systems.

“While technology is constantly evolving the ability to address the operational challenges of delivering and maintaining a stable production environment is just as important now as it was when we first started out and is part of our DNA.”

David Paul

Staff Writer, DIGIT

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