On 6th July, Swiss Stock Exchange announced its collaboration with Swiss National Bank and FINMA. The initiative of the collaboration is to build a trading platform for the exchanging of digital assets.
SIX is a firm that owns and manages the Switzerland Stock Exchange, while FINMA [Swiss Financial Market Supervisory Authority] is independent of the Central Federal Administration. FINMA directly reports to the Swiss parliament while SNB [Swiss National Bank] is privately owned, and 40% of its shares are with SIX.
Thomas Zeeb, Head of Securities & Exchanges at SIX said:
“As the stock exchange infrastructure for Switzerland, we know what it takes to build and run mission-critical and scalable, systemically important services.”
The collaborative project will be based on the Distributed Ledger Technology [DLT]. This project by the SSE, FINMA and SNB will be termed as ‘Six Digital Exchange’ [SDX].
SDX will provide an environment for issuing and trading digital assets. The initiative will enable the process of digital tokens of existing securities and will replace non-tradable assets with tradeable.
The speculated advantages of launching Six Digital Exchange [SDX] are as follows:
- SDX will make banks the major route of transactions in the digital world which gives them a foundation to pursue their business strategies for digitalized assets. This will empower them to a greater possibility of liquidity.
- SIX is a regulated infrastructure provider which provides security and trust for its users. The label of SIX behind the establishment of SDX can be a plus point for ‘Investors’.
- As a reliable source of trading, individuals, companies, and businesses can invest in SDX.
The CEO of SIX believes that it is in a unique position as it has the capability to run the entire securities and payments value chain for Switzerland. He says that it is “ideally positioned to create the digital ecosystem for the future,” He further adds that these are strengths that SIX brings to the digital space.
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