In a press release on May 16th, the Tel-Aviv Stock Exchange (TESA) announced its plans to launch a new securities lending platform based on blockchain technology: Blockchain Securities Lending (BSL).
TASE aims to make BSL a central platform in Israel which will allow direct lending, permitting faster access to larger securities volumes by employing DLT’s key features, such as peer-to-peer transactions, smart contracts and enhanced security.
The Floor, an Israeli Fintech innovation center, Accenture and Intel have been working on the project for the exchange since its inception in March 2017 - the concept originated during a blockchain hackathon, quickly growing into a “concrete opportunity”.
The platform is based on the Hyperledger Sawtooth infrastructure, which comes with Intel Software Guard Extensions that provide additional security. Accenture will work on the platform’s smart contracts, while providing other services, such as project management, systems integration and cybersecurity consulting.
“The Tel Aviv Stock exchange is pleased to present this first of a kind project. A safe, cutting-edge, state of the art platform, that was created thanks to a great collaboration among The Floor, Intel and Accenture. The Blockchain technology will present a new level of safety for securities lending and will support growth for transactions based on this new platform. Without a doubt, TASE is now, more than ever before, a global financial innovation leader.” TASE’s CEO, Ittai Ben-Zeev said.
By Nadya Astam