Up until 1973 Scotland had its own independent stock exchange, the Scottish Stock Exchange, born from a merger of the Edinburgh, Glasgow, Dundee and Aberdeen Stock Exchanges in 1964. But the doors were slammed shut when it was officially merged with the London Stock Exchange in 1973 and all operations were moved to London.
With the Scots getting more wary of staying in the United Kingdom due to the vote of the English in the south to leave the EU via a Brexit, a new group of Blockchain and financial experts in Scotland have begun work on SCOTEX a Blockchain driven trading platform built from scratch from the ground up as an entirely new exchange they say can bring about real innovation to the equity capital market. Scotex is seeking to raise as much as 15 million pounds ($18.4 million) to start a regulated equity market next year, according to a statement last week.
From the website.
We can bring profound change to the post-trade landscape through distributed ledgers thereby slashing settlement times and bringing significant cost benefits to all exchange participants. Every exchange in the world is looking at implementing this technology but they all face the intractable problem of switching from legacy systems on to very new and very different post-trade infrastructure. Without that problem to overcome SCOTEX can genuinely be the first in the world at implementing distributed ledger technology with the STARS system.
SCOTEX will offer capital markets access for the next generation of scientists, inventors and entrepreneurs of Scotland. It is crucial for Scotland that its wealth creators – now and in the future – have a visible equity capital market that is able to provide them with access to the capital they need to grow their companies.
They are calling the new post-trade system STARS: Secure Transaction Affirmation and Reporting System. It will mean:
- Trades will settle almost immediately with no need for post-trade clearing (guaranteeing) of trades.
- Trading will be much cheaper for everyone as users will be charged a low flat fee to access the ledger rather than being charged per transaction in a captive system.
- Sellers will get their money almost instantly and no later than 15 minutes after executing a stock sale.
- No need for post-trade affirmation or confirmation and central clearing during the settlement cycle.
- Reduced scope for data errors, disputes and reconciliation lags, speeding up the end-to-end trading process since all participants operate from their own local version of the golden source.
- Huobi Charity Joins Rally with Blockchain Community in Global Fight Against COVID-19 - April 2, 2020
- Binance Officially Absorbs CoinMarketCap in $400 million deal - April 2, 2020
- RealT Tokenises and Sells USD One Million in Real Estate On Ethereum - March 30, 2020
- IOTA Teams Up with Eclipse Foundation to Work on Decentralised Marketplace and Identity Solutions to Help Fight Pandemic - March 30, 2020
- University of Malta Students Develop and Use Blockchain Voting Application - March 30, 2020
- Japan’s Nomura Securities and BOOSTRY Issue First Blockchain Digital Bond Offering - March 30, 2020
- Opera Rolls out Update and Expansion of its Cryptocurrency-Friendly Browser Blockchain Architecture - March 30, 2020
- Hong Kong Bank Partners with Aegis to Focus On Asset Digitalization Using Blockchain Technology - March 30, 2020
- European Union Looking to Blockchain Technology for Defense? - March 30, 2020
- Tech against Corona (COVID-19) – Dutch Enterprise Blockchain Company TYMLEZ Helps Dutch Government - March 29, 2020
- Microsoft Patents Human Activity Mining for Cryptocurrency Systems – Data Generated Based on Body Activity can be Proof-of-Work - March 27, 2020
- Binance Kicks Off $5 Million Coronavirus Relief Campaign and Donates USD $1 Million - March 27, 2020
- Medici Ventures Keiretsu Companies GrainChain and Symbiont Working Together to Expand Global Operations - March 27, 2020
- Blockchain-Fueled Entertainment Platform Ficto Launches Premium Interactive Streaming Network - March 27, 2020
- SettleMint – Belgian blockchain startup raises USD $2.09 Million for Expansion - March 27, 2020
- Exclusive Interview: Bitcoin and Cryptocurrency Leader Michael Terpin Sees Light in The Covid-19 Tunnel - March 26, 2020
- Blockchain Real Estate Project Smartlands Raising Funds on Equity Crowdfunding Platform Seedrs - March 26, 2020
- Cryptocurrency Exchange OKEx Greenlights DEA Trade Token Deapcoin For Its Jobtribe and PlayMining Games - March 26, 2020
- Microasset – The International Blockchain Monetary Reserve Announces $3.48 M In Reserve Funding, New Listing on BiKi Exchange - March 25, 2020
- Social Login – KyberSwap Integrates Torus to Offer Quick and Easy Ethereum Wallet Management - March 25, 2020