The Colombian Stock Exchange announced it is joining the Consorcio Colibrí, a private initiative that promotes the adoption of blockchain technology within the finance industry.
As Cointelegraph Español reported on Nov. 18, Consorcio Colibrí was formed by major financial institutions such as Bancolombia, BBVA, Santander Caceis Colombia, Deceval, Contrato Marco, Porvenir and Skandia, among others.
Via a partnership with member firm Contrato Marco, the CSE will use the Colibrí platform’s blockchain tech to improve operational efficiency in the over-the-counter derivatives market, which is currently time-consuming, expensive and difficult to reconcile with established manual procedures, according to the CSE.
CSE president Juan Pablo Córdoba said that blockchain will streamline the clearing and settlement of operational guarantees.
According to La República, the agreement includes a strategy for implementing initiatives from the Fintech Connection Program of CSE and Sophos Solutions to accelerate digital transformation in different lines of business.
“The agreement reached with CSE will allow us to show the market that the future of financial infrastructures lies in blockchain technology,” said Juan Manuel López, executive director of the Contrato Marco.
The Colombian fintech announced in October 2019 that it completed a successful pilot, which used distributed ledger technology to reduce operational risk among participants in the derivatives market.
Colombian Stock Exchange to use blockchain for OTC derivatives trading