SIX has selected R3's Corda platform to provide the underlying blockchain technology for its digital asset listing, trading, settlement and custody service, SIX Digital Exchange (SDX).
The new platform will aim to provide a safe environment for issuing and trading digital assets, and enable the tokenisation of existing securities and non-bankable assets.
Many of R3’s members and investors such as ABN AMRO, Barclays, BNP Paribas, Citi, Commerzbank, Credit Suisse, CS Affiliates, Deutsche Bank, HSBC, Natixis, RBC, SocGen and UBS are also SIX stock exchange trading members and so should be well positioned to take advantage of the new trading system says Sven Roth, member of the management team at SDX.
“As a highly regulated and trusted financial market infrastructure provider, SIX must operate at the highest levels of security and stability," he adds. "We felt Corda Enterprise was the best fit for the scale and breadth of service we envisage with SDX. The ability to adapt and evolve the ecosystem over time is crucial. R3’s wide developer community, open-source code base and experience across a range of industries make it ideal for this purpose.”
Last month, the Swiss stock exchange said it wanted to kick off digital asset trading with its own Security Token Offering when the trading system goes live later this year.
Initially scheduled for go-live in the first half of this year, the new platform is unlikely to see the light of day until the end of the year as the SIX Board clarifies legal and regulatory technicalities with financial markets watchdog Finma.