bitcoin Bitcoin
ethereum Ethereum
polkadot Polkadot
ripple XRP
Show details
Swiss Cryptocurrency Firm bags License to Offer E.U. Residents Bitcoin ETPs

Swiss Stock Exchange: Blockchain Powered Digital Exchange Still on Course

Reading Time: 2 minutes by on February 27, 2019 Altcoins, Blockchain, Business, Exchange, Finance, News
Follow by Email

Switzerland’s main stock exchange, the SIX Swiss Exchange, has plans to launch a digital trading platform SDX. The new blockchain-based trading platform will establish a new way of trading once it gets started in the latter half of 2019.

Flexible Timetable

Swiss Stock Exchange Group chairman Romeo Lacher told the Worlds of Exchange Conference in the Swiss city of Zurich the plans for the development of the SDX was still on course.

According to local news outlet, the project leader Thomas Zeeb suggested that even though the launch date was fluid, this could quickly go towards the last quarter of the year or even the beginning of 2020. 

Despite the flexible timetable, the SIX Group still maintains that their digital exchange will still be on time to benefit from the securities trading revolution.     

Time Efficiency and Improved Security

SIX Swiss Exchange has a daily turnover of at least 5.20 billion Swiss Francs (CHF) or approximately $5.18 billion while its market capitalization is 1.67 trillion CHF translating to roughly $1.6 trillion.

The group’s CEO Jos Dijsselhof told reporters earlier this month the company chose the distributed ledger technology (DLT) because of the time efficiency and improved security it will introduce to all stages of trading and settlement.

The CEO explained that under normal circumstances it takes a buyer at least two days before they can own stocks. Even though the trade itself takes only a fraction of a second, the rest of the time is squandered by archaic processes such as settling payments and transferring titles. Dijsselhof extolled blockchain technology saying:

“If we put it all on our digital exchange, then the whole process takes only a few seconds. This makes the market more efficient, but at the same time also takes risks out of the system.”

Once the exchange becomes fully digital, blockchain-powered stock trading will minimize the attendant risks as well as widen the range of tradable titles. Dijsselhof hopes to see SIX succeeding in creating a completely blockchain-based stock market that “integrates trading, handling, and custody of digital assets.”

The Future of Blockchain

Businesses are turning to blockchain-based trading platforms because they are looking for a system that not only saves time but also ensures transparency and trustworthiness. In this regard, SIX plans to reduce the trading time from several days to only a few seconds.   

The initiative from SIX Exchange only goes to emphasize the fact that most industries today believe that blockchain is indeed the future.

Like BTCMANAGER? Send us a tip!
Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4
Join our telegram channel