Swiss Stock Exchange SIX Lines up Buyers for 'Initial Digital Offering'

Swiss Digital Exchange, a unit of stock exchange operator SIX Group, has organized a global consortium of financial institutions to back its "Initial digital offering".

SDX's focus has switched to post-trade processing and custody, which, along with connecting to the Swiss interbank clearing system, are some of the main pain points causing delays.

Swiss Digital Exchange, the blockchain-based utility owned by Swiss stock exchange company SIX Group, has organized a global consortium of financial institutions to back its "Initial digital offering".

SIX would keep the majority of equity in SDX, he said.

SDX is wholly owned by SIX Group, an unlisted public limited company based in Zurich.

By debuting its own SDX security token, the blockchain-based exchange will be eating its own dog food, to use a well-worn expression.

The SDX digital equity token will be issued on a blockchain built using the enterprise version of R3's Corda technology.

At the Sibos 2019 conference in London last week, SDX issued a press release about a prototype version of SDX, conceding that the full launch of the system, originally slated for summer 2019, had been pushed back until the end of 2020.

"We are building a regulated CSD for digital assets - and that is different from the ability for a bank to hold digital assets on behalf of a client," Kindler said.

Kindler said there are three ways the cash leg of trades might be done on SDX. Firstly, by SDX holding an account with the RTGS system.