The Gibraltar Stock Exchange (GSX) is set to list blockchain-powered digital debt securities and digital funds.
The new products, known as digital, smart or tokenized securities, include Corporate Bonds, Convertible Bonds, Asset Backed Securities, Derivative Securities, Open-Ended Funds and Closed-Ended Funds. They are listed on GSX Global Market.
GSX Global Market is a practical listing venue option for issuers offering reduced timelines and listing costs, with lighter reporting and disclosure framework than the GSX Main Market.
The GSX has been a pioneer in the introduction of blockchain technology since 2017, when it began working on a DLT enabled exchange for conventional securities as part of a phased approach.
The exchange began the process of listing digital representations of funds and debt on the blockchain after the recent successful deployment of the "GSX Prototype demo bond," using the STACS Network, created by Hashstacs Inc, which is a GSX Group joint venture.
The STACS Network provides immutable ledger for greater transparency, fully auditable smart contracts, regulatory oversight, efficient settlement, and high efficiency, low-cost opportunities for issuers. The legacy systems of T+3 will become significantly reduced.
By using smart contracts on the STACS Network, GSX can track selling reports, enable parameters on eligibility and selling restrictions, and program the distribution of payments, coupons or dividends of the digital debt securities and funds listed on it.
The issuers of debt securities and funds can gain access to all the benefits of DLT through Hashstacs, with GSX providing the programming services of smart contract customizations for issuers, and enterprise wallet custody solutions. Issuers need not incur extensive in-house developer costs.
As the GSX Global Market is operated by a recognized stock exchange regulated in a European Economic Area (EEA) territory, debt issuers with securities are not obliged to withhold tax on coupons under UK law.
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