2018-11-15 01:54 |
Swiss Exchange Six Predicts Blockchain Platform To Dominate In The Next Decade
Switzerland's leading stock exchange, SIX Swiss Exchange, has plans of replacing their current trading platform with one that is blockchain based. They cited reasons that the current systems, even though carried out digitally, the processes behind most of them are paper-based
Thomas Zeeb, the company’s securities and exchanges unit head said:
“The existing system could be completely replaced by the digital exchange in about 10 years.”
SIX Swiss Exchange Ltd. operates an independent stock exchange for securities in Switzerland. It connects companies from around the world with international investors and trading participants. It was the first stock exchange to support fully automated trading, clearing, and settlement, in 1995. The company enables to list and trade in segments, including equities, bonds, exchange-traded funds (ETFs), exchange-traded products (ETPs), derivatives, sponsored funds, sponsored foreign shares, warrants, and structured products. It distributes a range of indices; and offers market data for shares, bonds, ETFs and funds, ETPs, indices, statistics, and data services. The exchange uses the trading platform X-stream INET and trades primarily in the Swiss franc (CHF).
A product which the platform aims to launch by next year is SIX Digital Exchange (SDX).
Originally, it will operate parallelly with the current SIX platforms. The company aims to embrace blockchain solutions so that the Swiss stock exchange operator can render a one-step transaction solution.
Zebb added:
“The moment that brokers, banks, insurance companies, and big asset managers really see the cost advantages, they’ll move relatively quickly.”
Although SDX is expected to refrain from bitcoin trading. It does plan to help companies raise capital through ICOs.
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