Tokenizing UK Stocks and shares through Mirror

Case for adding UK stocks and shares through Mirror

Currently, Mirror is very America-centric in the assets that it offers. Most, if not all assets are US equities barring the crypto assets of course.

I believe that a great way to attract more users to Mirror is to provide more mirrored assets - We must mirror everything under the moon! And a great place to start with is high-volume UK stocks and shares.

To start with, a great addition to Mirror protocol would be to mirror the FTSE100 Index. The FTSE 100 index comprises of the 100 most-traded stocks that are listed on the London Stock Exchange and the index has a market capitalisation of £1.814 trillion as of May 2020. With a high market cap, relatively large trading volume and it being relatively inaccessible to non-UK investors the FTSE100 would be a great start to listing more non-US assets.

I will personally attempt to raise 100 MIR so that I can deposit for a whitelist governance poll (I only have 40 MIR right now sadly) and if it passes I will attempt to communicate with Band protocol or the mirror team to see how an oracle for London Stock Exchange assets could be created.

Aswell as the FTSE100 there are many other great assets that could be mirrored to help mirror users gain exposure to UK markets such as:

  • LLOY (Lloyds Bank PLC)
  • BARC (Barclays PLC)
  • HBA (HSBC)
  • RR (Rolls Royce Holdings)
  • RDB (Royal Dutch Shell)
  • IAG (International Consolidated Airlines group SA)

Just on a quick note - IAG owns a lot of UK airlines that operate throughout Europe such as British Airways and Iberia so could potentially be a great covid-recovery stock that has seen quite a bit of upside since the crash of 2020. If there is interest might potentially try get this one listed separately or before the FTSE100

If there is demand for any of these assets or if the FTSE100 gets listed I will work to try and get proposals up. Please feel free to reply to this if you share my vision of having UK stocks and shares on Mirror or have any suggestions for what assets to list.

I am sure this will make my fellow UK LUNAtics happy. Lets mirror everything under the moon!

Great idea. I would of course support.

Although I wonder if it would be possible to list these assets in the local currency (i.e. GBT) instead of UST. It might be a great way of beginning to diversify the ecosystem from being 100% focused on UST.

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The only existing source on Band protocol that could provide UK stock prices and indices is (#D9 Alpha Vantage but it is not clear if this is a real-time feed or not.

For a 100% professional feed that traders and investors could completely trust, Band would need a feed from the source at FTSE Russell FTSE Index Data but I expect that this would be very expensive.

Can anyone on the forum shed any light as to where the US stocks and indices oracle data is coming from?

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I have been playing with Alpha Vantage as I have an API key from them and have found that the top 3 FTSE 100 ETFs by volume from Just ETF are all accessible and return data.

Example Alpha Vantage API Call for HSBC FTSE 100 ETF

Interestingly, it looks like the HSBC ETF tracks the UKX FTSE Russell Index exactly.

Alpha Vantage have a couple of tiers of access and full Intraday data is on their premium tier so we would need to find out from the Band Protocol data owner for Alpha Vantage which tier has been used as the source. Given the amount of requests to this source I would be amazed if it is not on the premium tier.

Therefore this all looks possible to me. Next would be to work out how to register the parameters on Mirror for this ticker.

Yeah exactly. It would be great to mirror many global indexes. FTSE and Nikkei are good to start with and we definitely need some Chinese indices. The Hang Seng Index (HSI) of Hong Kong is another good candidate for a foreign ETF.

While thats a good idea on paper, right now everything is priced in USD and USD-pegged stablecoins are the dominant force right now so it makes more sense to denominate in UST until we atleast dethrone Tether and USDC