The Spanish National Securities Market Commission (CNMV) and stock market operator BME have been collaborating with a number of financial institutions on a blockchain project.

Dubbed “Fast Track Listing” or FTL, the project aims to simplify processes and reduce the amount of time needed to register issuances using blockchain technology. The participating financial institutions include national warrant issuers – BBVA, Caixabank and Banco Santander, and international warrant issuers – BNP Paribas, Commerzbank and Société Générale.

The participants have been collaborating over the past year. According to the official release, the project has successfully completed a proof-of-concept test which focused on the registration of an issuance of warrants.

“This test has proved that it is possible to execute the process in 48 hours compared with an average time frame of more than a week (a reduction of over 70%), thanks to the connection of all the systems, automatic validation of requirements and their transparency,” it said.

Based on the successful outcome, CNMV has decided to continue exploring the possible uses of blockchain technology in its processes and carry on with the project.