2 months ago
The Swiss stock exchange has offered strategic partners a stake of up to 30% in its new digital stock exchange. The digital asset trading platform SDX hopes to launch by the end of this year.
The digital stock exchange will offer trading of digital shares, bonds and other assets on a distributed ledger technology (DLT) platform. Project leader Thomas Zeeb told the Swiss news platform swissinfo.ch that SIX Group, which runs the stock exchange, could allow banks, brokers and other digital asset companies to own nearly a third of SDX. The majority of the platform will be owned by the consortium of some 120 banks that comprise SIX Group.
“The SIX board is open to having a minority stake in SDX made available to strategic investors,” says Zeeb. “We are in discussions with a number of firms – such as large banks and broker-dealers – who are extremely interested in taking a stake in SDX because it gives them skin in the game in driving the ecosystem forward.” The ecosystem surrounding SDX currently includes Sygnum bank, the Daura digital share listing platform, Swisscom and Custodigit, which offers secure storage for digital assets. They provide specialist services and know-how to operate the new digital asset trading system.
The SIX trading screen
Image: swissinfo.ch, (Keystone / Walter Bieri)
Still in testing phase
The SDX project launched in 2018, promising that “the first services will be rolled out in mid-2019.” The concept is to fully digitize financial assets to allow for instant settlement instead of the current delay of several days while trades are finalized. So far, the project has yet to emerge from testing phase on its prototype and has been rocked by some key departures. CEO Martin Halblaub chose not to renew his contract in August following a difference of opinion on how SDX should be run. Interim CEO Tomas Kindler does not want to retain the position permanently. SIX has lined up a replacement but would not reveal the identity or say when they would start.