Swiss Stock Exchange SIX To Launch Blockchain-Based Exchange In H2

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Swiss Stock Exchange SIX To Launch Blockchain-Based Exchange In H2

SIX, Switzerland’s top stock exchange is looking forward to launch a blockchain platform to pace up trading later this year. As per a report by Reuters dated 6th Feb 2019, Romeo Lacher, the chairman of the exchange said that SIX Digital Exchange (SDX) will run alongside the current SIX platform.

Reuters added that right now, the trade passes through many steps before completion. This process consumes days. But employing a distributed ledger will deduct 2 days out of the process and minimize the trade lifecycle to fractions of a second.

The news source further added that the officials of SIX have said that SDX will initiate offering trading in specific stocks, followed by a broad range of bonds and stocks. The offer may eventually include exchange-traded funds too, and can possibly consist of tokenized physical assets like art.

Lacher mentioned that the supervisory board at SIX is currently in the middle of sorting out the legal and regulatory aspects with FINMA, Switzerland’s financial markets regulator. They will come up with a final decision sometime late in the summers.

Last year in July, SIX released the latest DLT-based platform. At the time of the announcement, CEO Jos Dijsselhof mentioned, “This is the onset of an important phase in capital market infrastructures. We are pretty much sure that the current happening in the digital domain is going to continue for a while and define the industry’s future.”

According to Reuters, SIX also has plans to raise funding later this year after the blockchain platform goes live.

“We want to begin with our own security token offering”, Lacher mentioned.

SIX also announced last year that in order to track multiple cryptocurrencies, it would release the first-of-its-kind exchange-traded product (ETP). Amun Crypto ETP with a stock symbol HODL tracks an index as the “top five crypto securities in aspects of liquidity and market capitalization.”