Swiss Stock Exchange Operator SIX Group Announces Launch of New-Blockchain Powered Digital Exchange

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

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Swiss Stock Exchange Operator SIX Group Announces Launch of New-Blockchain Powered Digital Exchange

February 7, 2019

sixSIX Group, the operator of Swiss Stock Exchange has announced that it will launch a new blockchain-powered exchange, dubbed SIX Digital Exchange (SDX), in the second half of 2019. 

The new digital platform will run in parallel to existing SIX platforms. The existing platform witnesses roughly volume of  5.19 billion Swiss Francs (CHF) or $5.18 billion in daily terms and has a market capitalization of over 1.67 trillion CHF or $1.6 trillion. The new platform will use blockchain distributed ledger to bridge traditional finance and the technology of cryptocurrencies.

According to its CEO Jos Dijsselhof, the exchange has selected the technology for the time efficiency and improved security it offers across all stages of stock trading and settlement. 

“The fact is, it takes two days for the buyer of stock to become the owner. The trade itself only takes a fraction of a second, but after that payments have to be settled and titles transferred. If we put it all on our digital exchange, then the whole process takes only a few seconds. This makes the market more efficient, but at the same time also takes risks out of the system.”

As per the SIX Group’s Chairman Romeo Lacher, the company is ready to add a number of digital assets to its platform and believes that the existing system would be replaced completely by the new digital system in the next ten years. The exchange has not clarified the stocks or products to be listed first, but it is likely that it will introduce only selected stocks initially. 

Following the full launch of digital exchange, other products such as bonds and exchange-traded funds will also be listed and as well as tokenizing other assets will also be done. Lacher said:

“We want to start with our own Security Token Offering. The supervisory board will probably decide (on the project)in late summer,” 

With this, SIX Group has become the first leading marketplace to use the technology to offer such a regulated environment for digital assets. Other exchanges such as the German stock exchange operator Deutsche Boerse has also set up a unit to explore the technology for various use cases. 

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