Six Digital Exchange Gets Finma Nod
Posted by Colin Lambert. Last updated: September 13, 2021
Six Digital Exchange (SDX) has formally received regulatory approval from Switzerland’s Finma to operate a digital assets exchange and central securities depository in the country.
The authorisation follows the appointment of former Currenex head David Newns to run the SDX business from October 6, and enables SDX to go live with a fully regulated, integrated trading, settlement, and custody infrastructure based on distributed ledger technology for digital securities.
Over the coming months and years, SDX says it will continue to invest in building out the digital financial ecosystem to create a global liquidity network for digital assets by engaging in cooperative ventures with partners and accelerating the onboarding of various global and local financial players. As this international customer base expands to include banks, issuers, insurance firms, institutional investors, the members of SDX will create a global exchange network for digital assets, unlocking global liquidity based on Distributed Ledger Technology, it explains.
“The digitalisation of financial markets continues apace, and while the final shape of the market is still evolving, this is an important milestone in providing institutional investors with a safe and robust infrastructure meeting all of the core requirements of a traditional exchange and CSD infrastructure,” says Thomas Zeeb. global head of exchanges at Six. “In this regard, the SDX approval process has proven to be an invaluable experience for Six and for the industry as a whole. It has been instrumental in helping to define our offering, our strategy, and to build a new ecosystem to help our clients meet the increasing demands for commercial return that they face from their stakeholders.
“This is an important milestone in bringing the digitalisation of capital markets into the mainstream, but it is only the beginning,” he continues. “We will continue to work with our clients, regulators, and other stakeholders to shape the markets of the future.”