UPDATE: The Global Aircraft Trading System (GATS) is now launching on 1 June 2020
The GATS simulated transaction environment (STE), which launched on 1 March 2020, has been extended until 31 May 2020 and remains operational during this period. The change to the targeted launch of GATS, and the extension of the STE, was taken in view of the disruption caused by the spread of the COVID-19 virus and the need to ensure that both the system and the user community are fully prepared for the use of GATS.
The STE allows prospective GATS lessors, financiers, airlines, trustees, professionals, and others the opportunity to familiarize themselves with the GATS online platform, train employees and other personnel on how to use the GATS online platform, and prepare themselves for the trading of aircraft through the GATS online platform.
GATS will modernize, facilitate and address inefficiencies in the trading and financing of leased aircraft equipment.
Using advanced technology, a secure e-platform, and digitally executed standardized form documents, GATS will reduce time and resource burdens on lessees, lessors and financiers. GATS will protect the rights of all parties involved, including and especially the lessee under the lease, through the use of advance requirements to any GATS transaction, including trades. These will need to be electronically confirmed as satisfied or waived by the protected party.
GATS will include a secure, live and searchable electronic ledger which records beneficial ownership, security, and related rights.
CLEARANCE OF ENTITIES IN THE SIMULATED TRANSACTION ENVIRONMENT:
Like the live environment, the creation of an Entity Profile for a GATS Participant or a GATS Professional Entity requires clearance from a GATS Trustee (or, in the case of a GATS Professional Entity, a GATS Participant). To help facilitate the user experience in the STE, you may select Global Aircraft Trust (Simulated) Services Corporation as your clearing entity. This is a fictional GATS Trustee which has been created for the purposes of clearing GATS Participants and GATS Professional Entities automatically in the STE. Its Entity Profile is being monitored for this purpose.