Swiss stock exchange to create cryptoasset trading platform
The Swiss stock exchange, SIX Group, says it will create an exchange to trade tokenised digital assets next year. The new service, using distributed ledger technology similar to blockchain, aims to provide a bridge between traditional finance and the growing world of cryptoassets.
This content was published on
2 minutes
When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.
The SIX Digital Exchange will be subject to the same regulatory oversight as existing exchange services. The platform will allow trading of securities and other financial products that can be digitally tokenised. The platform does not intend allowing the direct trade of cryptocurrencies such as bitcoin and ethereum.
“The service will provide a safe environment for issuing and trading digital assets and will enable the tokenisation of existing securities and non-bankable assets to make previously untradeable assets tradeable,” SIX said in a statementExternal link.
At present, crypto exchanges have to use a variety of third-party partners to conduct various elements of the trading process. SIX says all elements of the chain will be housed under its new exchange.
“It will be the first market infrastructure in the world to offer a fully integrated end-to-end trading, settlement and custody service for digital assets,” it said.
‘Secure model’
Thomas Zeeb, SIX head of securities and exchange, added: “Do you adopt a model with many sub-custodians, including inefficient interfaces and with inherent risks, or do you go with a recognised and regulated infrastructure provider who provides all steps of the chain in an integrated and secure model? We believe that the latter has significant value.”
In a YouTube interviewExternal link, Zeeb says the new platform would allow “all market participants to develop their own business models within that ecosystem. We’re putting together a team of developers and advisors that will help clients create ICOs [initial coin offerings] and new products around that”.
SIX Group is owned by the 130 banks that use its trading services.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
Watches belonging to Michael Schumacher up for auction
This content was published on
Schumacher's family is auctioning off eight rare watches from his collection in Geneva. The Christie's auction will take place on Monday.
Joya Marleen and Baschi named best solo acts at Swiss Music Awards
This content was published on
St. Gallen singer Joya Marleen and Baschi from Basel were named artists of the year at the Swiss Music Awards 2024 on Wednesday night.
Swiss authorities announce cost-cutting in asylum sector
This content was published on
The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
This content was published on
The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
This content was published on
In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
Rhine flooding: Swiss to invest CHF1 billion with Austria
This content was published on
As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
This content was published on
After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
Cryptocurrencies could “discipline” monetary system
This content was published on
Bitcoin must iron out some fundamental design flaws before it can operate as a viable alternative to fiat currencies, Ammann believes. But if would be “generally positive” if the traditional financial system can eventually be challenged by the new digital currency competitors. Bitcoin is currently the most well-known cryptocurrency next to Ethereum, Ripple and Litecoin.…
This content was published on
Romeo Lacher, chairman of the SIX GroupExternal link that runs the Swiss stock exchange, recently added his voice to the debate by advocating such a virtual currency. “An e-franc under the control of the central bank would create a lot of synergies – so it would be good for the economy,” he told the Financial…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.