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Swiss stock exchange commences tests of digital asset exchange

Benson Toti

Switzerland’s principal stock exchange SIX has launched a pilot version of its digital currency exchange, industry website Coindesk has reported. The platform also includes a central securities depository (CSD) for digital assets.

The Swiss company told Coindesk in an email that the prototype platform was aimed to showcase “the future of financial markets”, as well as gather user feedback. The pilot will be followed by a full launch, which is scheduled for the fourth quarter of next year.

SIX Digital Exchange (SDX), the SIX subsidiary that oversees the project, also aims to show that a distributed ledger technology (DLT)-based CSD can “be integrated with a central order-book stock exchange model to ensure fair market conditions for all”, Coindesk noted.

SDX’s chairman Thomas Zeeb yesterday said in a statement:

“The launch of this prototype is a major milestone in creating a credible digital infrastructure for moving our industry forward. We are now one step closer to demonstrating the viability of our vision for the financial markets of the future and, ultimately, for the way people and businesses access capital.”

“SDX is a testament to the innovative nature of the Swiss stock exchange and the foresight of its shareholders – we are combining existing market technology with revolutionary new technologies to create the market of the future,” Zeeb added.

In its early stage, the platform’s functionality will cover security token issuance, live trading and instant settlement. During the test period SDX will be adding new functionalities, based on the feedback it has received from testers. The second phase of the prototype is expected to start in the coming months.

SIX has previously indicated that it sees the SDX project as an important part of its business going forward. The company even envisions offering trading in non-security assets, such as paintings or vintage cars, in the future. The company has said in the past that it expects its alternative exchange to overtake its traditional trading platform within a decade.

Featured image: LuckyStep /Shutterstock.com

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