The year-long pilot featured a number of participants, including the Spanish Nationals Securities Market Commission, Banco Santander, CaixaBank, Commerzbank, and Societe Generale.
Together, the Spain Securities Market group assessed the viability of a shared database that can register information concerning warrant issuance. The information is then provided to parties. Banco Santander explained that the pilot provided insight about the timeframe for warrant issuance, which seems to be 70 percent faster than the traditional model. This is just one of the initial results of the test. One of the most promising statements about the Spain Securities Market project is:
“After obtaining such good results, CNMV has decided to continue exploring the possible uses of this technology in its process and carry on with the project. BME and all the national warrant issuers, as well as international warrant issuers, are also actively contributing to this project.”