Following several years of legal advice by Heuking, the Swiss Financial Market Supervisory Authority (FINMA) authorized SIX Digital Exchange AG to act as a central securities depository and SDX Trading AG to act as a stock exchange. With the granting of the two licenses, Switzerland with SDX becomes a one-of-a-kind location that enables trading of shares and bonds via distributed ledger technology in a fully regulated manner.
The stock exchange landscape in Switzerland is undergoing a major change since there were only two market players in the past, SIX Swiss Exchange Ltd which belongs to SIX Group and BX Swiss Ltd. The central securities depository license marks another major step for the Swiss financial center, as previously only SIX SIS AG held such a license. “We are glad to see Swiss stock exchange SIX succeed in this licensing procedure, as the formal hurdles for obtaining stock exchange and central securities depository licenses are extremely high,” said Marcel Hostettler, Partner at Heuking Kühn Lüer Wojtek’s Zurich office.
SIX Group is embarking on an innovative path with the establishment of SDX, offering the world’s first end-to-end infrastructure for trading digital assets by using distributed ledger technology.
Counsel to SIX Digital Exchange Ltd
Heuking Kühn Lüer Wojtek:
Marcel Hostettler (Banking & Finance),
Dr. Anna Wehrmüller (Banking & Finance),
Eric Chris Baumgartner (Corporate / M&A), all Zurich
Dr. Anne de Boer, LL.M. (Capital Markets), Stuttgart
Dr. Christoph Gringel (Banking & Finance), Frankfurt