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Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform

Image by BTP

Fri, 14 Feb 2020, 12:23 pm UTC

Blockchain Technology Partners (BTP), an Edinburgh-based enterprise blockchain startup, has partnered with Israel’s Tel Aviv Stock Exchange (TASE) to ensure the production readiness of Blockchain Securities Lending (BSL) platform.

Founded in 2018, BTP aims to leverage blockchain technology to reduce the cost and complexity of doing business through decentralisation while ensuring trust, transparency and accountability. It is the company behind the management platform Sextant, which simplifies the deployment and ongoing management of distributed applications.

The securities lending in Israel is “fragmented, inefficient and opaque.” TASE believes that its BSL platform can address these issues.

Built on Hyperledger Sawtooth, BSL is a trading platform that "delivers all the benefits of a distributed ledger while utilizing Intel Software Guard Extensions (Intel SGX) technology to help maintain data privacy so that the details of an individual transaction are only visible to its participants," a press release said.

The platform will enable direct lending among all the major financial participants and 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."

The partnership is aimed at ensuring the production readiness of the platform and will also see BTP providing ongoing support after the platform is launched.

“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,” said Uri Shavit, EVP, Chief Information Officer, Tel Aviv Stock Exchange.

“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.”

Duncan Johnston-Watt, CEO, Blockchain Technology Partners, revealed that they have worked with the TASE team on acceptance testing over the past few months, which resulted in "significant improvement" in both BSL and its distribution of Sawtooth.

“We were delighted to be introduced to TASE by Intel as 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,” said Johnston-Watt.

BTP and TASE are already moving forward with a comprehensive production readiness program to test the BSL platform ahead of its launch some time this year.

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