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The Global Aircraft Trading System (GATS), designed to simplify and secure aircraft trading, is now live and operational. The voluntary system is open to the whole industry, according to today’s CJI Global panel, GATS gets closer.
The forum delved into the behind-the-scenes work that has gone into creating the system. Featured on the panel are Scott McCreary, McAfee & Taft; Dominic Pearson, Watson Farley and Williams; Jeff Towers, TVPX; and Eric Lewin, Global Closing Room.
It was created in response to the increasing number of transactions that developed inefficiencies, which resulted in wasted time and resources for aircraft lessors and financiers and airlines. GATS aims to reduce the burdens on lessees, lessors, and financiers, while also promoting aircraft and aircraft equipment trading and financing in an efficient, secure and predictable manner.
A statement from GATS said: “It will increase the transparency of and confidence in aircraft trading. It will further protect rights by introducing a secure, live and searchable electronic ledger displaying details of ownership and security interests in GATS.”