SIX, the financial market infrastructure, has picked R3’s Corda blockchain platform to provide the underlying technology for its digital asset listing, trading, settlement and custody service, SIX Digital Exchange (SDX).
According to the firm, Corda has been designed for highly regulated environments with exacting requirements around quality of service and the network infrastructure in which they operate.
Sven Roth, member of the management team at SDX, says: “We felt Corda Enterprise was the best fit for the scale and breadth of service we envisage with SDX.”
He adds: “We are building the future exchange for digital assets, so the ability to adapt and evolve the ecosystem over time is crucial. R3’s wide developer community, open-source code base and experience across a range of industries make it ideal for this purpose.”
By enabling capital market transactions on a decentralised ledger, SDX aims to reduce costs for investors, but also enable the trading of some assets for the first time.
Many of R3’s members and investors – such as ABN Amro, Barclays, BNP Paribas, Citi, Commerzbank, Credit Suisse, CS Affiliates, Deutsche Bank, HSBC, Natixis, RBC, SocGen and UBS – are also SIX stock exchange trading members.
As reported last month, SDX’s launch was delayed. It was meant to be in H1 this year, but SIX’s chairman Romeo Lacher said it will now be coming in H2.