The Gibraltar Stock Exchange launches offers of blockchain-based securities

3 min read

The Gibraltar Stock Exchange (GSX) is launching lists with securities powered by blockchain at the practical stock exchange location GSX Global Market, the company announced on April 9.

Today, the GSX begins to take stock of a number of new products known as digital, smart or tokenized securities such as corporate bonds, convertible bonds, asset-backed securities, derivatives, open-end funds and closed-end funds, the announcement said. .

By applying distributed ledger technology (DLT), the GSX plans to enable larger liquidity pools and to democratize capital markets, the company said in the press release.

Unlike the main GSX market, the GSX Global Market offers a lighter reporting system and disclosure framework that is said to enable issuers with reduced timelines and listing costs.

As a recognized stock exchange regulated in the European Economic Area (EEA), GSX Global Market does not require debt issuers with securities listed on the market not to withhold tax on coupons under UK law, as stated in the press release.

The new offers come on the heels of the collaboration of an integrated tokenized stock market product by GSX Group's subsidiary Hashtacs and STO Global-X on April 5. The project allows stock exchanges and other qualified financial institutions to symbolize assets and stimulate trading, clearing and settlement of digital securities.

In March 2019, the GSX successfully implemented a GSX Digital Stock Exchange prototype on the blockchain for trading the asset class for securities trading assets (STACS) and issued a demo bond on that basis. The STACS project was developed in collaboration with the Singapore-based blockchain company Hashstacs and makes it possible to display digital representations of funds and debts on blockchain.

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Don Bradman

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