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BTP to launch securities lending platform with Tel Aviv exchange

Blockchain Technology Partners (BTP) has partnered with the Tel Aviv Stock Exchange (TASE) to help roll out its Blockchain Securities Lending (BSL) platform, built on Hyperledger Sawtooth.

Duncan Johnston-Watt, CEO of Blockchain Technology Partners

Duncan Johnston-Watt, CEO of Blockchain Technology Partners (BTP)

The Tel Aviv stock market’s BSL platform is currently undergoing trials with market participants, with the launch expected later this year. BTP, an enterprise blockchain company, will ensure its production readiness and provide ongoing support after launch.

The trading platform is built on open-source enterprise blockchain network Hyperledger Sawtooth, which was chosen as it uses Intel® Software Guard Extensions’ data privacy technology, meaning the details of an individual transaction are only visible to its participants, while still delivering all the benefits of a distributed ledger.

Duncan Johnston-Watt, CEO of Blockchain Technology Partners, explained that it identified Hyperledger Sawtooth as one of the best emerging open-source blockchain technologies for the enterprise, and was introduced to TASE by Intel.

“Our mission is to make it easier for companies like TASE to realise their vision by providing them with Sextant, our management platform that comprises both our production-grade Sawtooth distribution and the tools to deploy and manage this distribution on Kubernetes in production.

“However, 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,” Johnston-Watt said.

Securities lending in Israel is fragmented, inefficient and opaque, according to the Tel Aviv exchange, which sees the partnership as a market opportunity. Because the BSL platform is designed to address these issues by enabling direct lending among all the major financial participants, it will offer a one-stop-shop for all securities lending activities, permitting access to larger securities volumes within shorter timeframes, even operating in shorter-term positions.

Uri Shavit, EVP, Chief Information Officer at the TASE, said: “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.

“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.”

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