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How will capital markets run on the blockchain?

David Newns, head of Switzerland’s SIX Digital Exchange (SDX), explains how to get a blockchain-based stock exchange off the ground and what such platforms could mean for the future of markets and finance.

Duckbucks: SDX was a very early adopter of blockchain technology, launching the first fully regulated stock exchange and central securities depository based on blockchain technology. How did it get built?

David Newns: In 2018, SIX Group decided to embark on this distributed ledger technology (DLT) initiative. There was a clear perspective that DLT would be disruptive and an enabler in financial markets, specifically with financial market infrastructure. To take advantage of that opportunity SIX founded SDX, which then went ahead and built out a central securities depository and an exchange built on blockchain technology. That led to the FINMA license being granted in September of 2021, and then SDX went live in October 2021 with three members, Zürcher Kantonalbank, Credit Suisse and UBS, to the first digital bond issuance at that point in time.

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Author

  • David Newns joined SIX Group as Head of SIX Digital Exchange (SDX) in 2021. With a deep knowledge of DLT applications in financial services, Mr. Newns advocates for wholesale CBDC as a foundational component for the successful deployment and leveraging of the full potential of DLT and blockchain technology within the global capital markets. Having an extensive background in traditional finance, he understands the importance of investor protection, robust control environments, a clear governance framework, and adherence to regulatory obligations when applied to the digital asset space. In 2023, SDX made history by settling securities transactions in wholesale CBDC.

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