Digital Securities Solutions

Digital Securities Solutions

Digital Securities Issuance and Lifecycle Management Within a Regulated CSD

SIX enables financial institutions to issue, settle, and service digital securities within a fully regulated market infrastructure. Through tokenization, financial instruments can be created and managed in digital form, streamlining processes and enhancing efficiency.

These capabilities are fully integrated into SIX Securities Services, allowing clients to manage digital and traditional instruments through the same post-trade environment.

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Discover how SIX Securities Services can accelerate your journey into digital assets through our FINMA regulated CSD.

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Our offering

Tokenization of Financial Instruments

Tokenization enables financial instruments to be created, managed and transferred in digital form on programmable infrastructure. This allows institutions to automate processes that today rely on manual steps, reduce operational risk, and accelerate transfer and settlement cycles.

It also introduces additional capabilities such as fractional ownership, smart contract-driven features and enhanced collateral mobility, while supporting more flexible market operations.

Within SIX, these capabilities are delivered through a regulated CSD infrastructure, ensuring consistency with established market standards and post-trade processes.

Trusted and Regulated Gateway to Tokenized Securities

Digital Bonds

Issue, settle and service digital bonds within a regulated CSD infrastructure. Digital bonds issued through SIX remain fully accessible to the existing investor base and can be managed using established issuance and post-trade processes.

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Digital Depositary Receipts

In collaboration with Citi, SIX enables the issuance and servicing of Digital Depositary Receipts, combining tokenization capabilities with regulated market infrastructure. This use case demonstrates how digital securities can be integrated into existing custody and post-trade workflows.

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Wholesale CBDC

SIX supports the use of wholesale central bank digital currency for the settlement of digital securities, as demonstrated in Project Helvetia. This approach enables Delivery versus Payment within a regulated market infrastructure, ensuring consistency with established settlement processes while extending them to digital securities.

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Digital Bonds Issuance Within a Regulated CSD

Issue digital bonds within a fully regulated central securities depository, leveraging distributed ledger technology to cover the full lifecycle from issuance to settlement and custody.

SIX operates the first regulated digital market infrastructure of its kind, combining tokenization capabilities with established post-trade processes. Digital bonds issued through SIX remain accessible to the existing investor base and can be managed using existing issuance and custody workflows.

This enables issuers to transition to digital securities within the same infrastructure used for traditional bonds.

Explore the Main Register List

Integrated Issuance and Data Services

Through Connexor, SIX supports digital bond issuance with trusted data, document generation and regulatory reporting services. This ensures that digital securities can be issued using the same trusted data foundation and workflows as traditional securities.

Digital Bonds in Practice

Benefits of Digital Bonds

Unlimited Access to Investors

Digital bonds issued through SIX remain accessible to the entire investor base, ensuring broad market participation.

Seamless Transition

Transition to the digital world without disruption. Issuers can maintain existing workflows for CHF bond issuance while benefiting from digital innovations.

Efficiency & Risk Reduction with DLT

CSD services built on blockchain technology enables faster and more secure transactions.

Gradual Adoption of Digital Securities

Digital bonds support a gradual transition to digital market models, enabling issuers and investors to adopt new capabilities while maintaining established processes and infrastructure.

Download the Digital Bonds Brochure

Euro-Denominated Bonds

SIX supports the issuance, trading and settlement of euro-denominated digital bonds, expanding access to digital securities across currencies.

By leveraging the platform’s settlement capabilities, transactions can be executed across traditional and digital ledgers, reducing settlement risk and improving efficiency and security.

Classification of SDX-Bonds under CARF and CRS

We would like to inform you about the regulatory classification of SDX-Bonds. According to the OECD CARF FAQ no. 6 (Dec 2025), a digitally issued or tokenised Financial Asset does not fall within the definition of Crypto-Asset where such disintermediation is not possible since the asset can, for regulatory or other legal reasons, only be held by and transferred through Custodial Accounts maintained with one or more Depository or Custodial Institutions.

The Swiss Federal Tax Administration (SFTA) has confirmed that the SDX-Bonds do not qualify as a Crypto-Asset under CARF based on the OECD CARF FAQ. The SDX-Bonds qualify as a Financial Asset under CRS.

SIX Financial Information will show this assessment in the CARF Data Service with the status “Exempt from reporting; confirmed By SFTA/ESTV.”

Digital Depositary Receipts on Private Shares

Digital Depositary Receipts (DDRs), developed in collaboration with Citi, provide digital exposure to private shares within a regulated market infrastructure. Rather than holding the underlying shares directly, investors hold depositary receipts that represent an economic interest in the underlying asset, while the shares are held by a depositary bank.

This structure reflects established depositary models and enables private market assets to be issued, serviced and transferred using a digital infrastructure, while maintaining existing legal and operational frameworks.

DDRs are issued and managed on the SIX Digital Asset Platform, with SIX SIS acting as the central securities depository. Financial institutions connect to the platform to distribute and service DDRs to their clients within a regulated environment.

Issuance Structure of Digital Depositary Receipts

Companies can issue DDRs by working with a depositary bank that acts as the issuer of the programme.

The depositary is responsible for:

  • Issuing, redeeming and cancelling DDRs
  • Managing corporate actions
  • Holding or appointing a custodian for the underlying shares

DDRs are recorded and settled via SIX SIS, with distribution and transfers handled on the SIX Digital Platform. Financial intermediaries connect to the platform to offer DDRs to eligible clients, subject to regulatory requirements.

Benefits of of Digital Depositary Receipts

Access to Private Market Assets

Provide institutional investors with structured exposure to private shares through a regulated framework.

Integration With Existing Infrastructure

Enable issuance, custody and servicing within SIX SIS, aligned with established banking standards and workflows (e.g. with ISIN assignment).

Enhanced Efficiency and Transparency

Leverage distributed ledger technology for faster settlement and robust asset record-keeping.

wCBDC

Our Collaboration with the Swiss National Bank and our member banks

At SIX we believe that wholesale Central Bank Digital Currency (wCBDC) can facilitate the adoption of digital assets by providing the best quality, riskless settlement asset for Financial Market Infrastructure participants. We have been working in collaboration with the Swiss National Bank (SNB), the BIS Innovation Hub (Swiss Centre), and market participants to investigate the implications of wCBDC on the financial industry.

Project Helvetia explored how digital central bank money and tokenized assets can be integrated into the financial system using blockchain technology. This project was a collaborative effort that initially involved the Bank for International Settlements (BIS), the Swiss National Bank (SNB), and SIX in its first two phases. Afterwards, the collaboration continued with the SNB and SIX in the form of the Helvetia Pilot. 

SIX played a crucial role as the platform for testing and implementing these innovations.

Download the Factsheet on Helvetia Pilot

Helvetia Pilot

Goal

To explore how well a digital version of central bank money works in productive settings, building on the lessons from the previous phases.

As part of the Helvetia Pilot, the Swiss National Bank (SNB) is providing wCBDC on SIX, enabling financial institutions to settle transactions involving digital (token-based) assets directly on the Digital Assets Platform of the SIX SIS AG CSD with wCBDC. The Pilot, running until at least June 2027, may be extended based on future assessments.

Initially, more financial institutions might join, and later, the range of financial transactions supported by wCBDC could broaden. While the Pilot supports private-sector innovation, it does not imply a permanent introduction of wCBDC by the SNB, as any such decision remains at the SNB’s discretion.

Helvetia Pilot is at the forefront of exploring digital money and technology to modernize financial systems. With the SIX Digital Assets as a pivotal platform, the project delivers valuable insights into how these innovations can benefit the financial market, guiding the future of digital currencies and their integration worldwide.

How to Participate

To be eligible for the Helvetia Pilot, financial institutions need to hold a sight deposit account with the Swiss National Bank (SNB) and be admitted to the Swiss Interbank Clearing (SIC) system (cf. Instruction sheet on admission to the SIC system and sight deposit accounts). Additionally, financial institutions must be members of SIX. For more details on how to join SIX, use the contact form below.

The SNB offers regular introduction sessions on the Helvetia Pilot. More information can be found here.

The range of financial transactions supported by wCBDC could broaden as part of the pilot. If you would like to execute some specific use cases using wCBDC, contact market-advisory@six-group.com or use the contact form below.

This is a thrilling moment for innovation as we shape the future of financial markets together!

Here is a look at the phases of the Helvetia project, which ultimately led to the launch of the Helvetia Pilot:

Completed on 3 December 2020

Goal

To test two approaches for settling digital assets in central bank money.

Two proofs of concepts were executed:

  • Issuance of tokenized central bank money (wCBDC) on the SIX Digital Assets Platform including its usage in payments and DvP settlements of trades involving digital assets.
  • Building a link between SIX and the existing central bank payment system (SIC, the Swiss RTGS) to allow the settlement of digital assets against payments in SIC balances.

Results

  • Confirmed that both proofs of concept are realistically possible.
  • Successfully demonstrated the feasibility of settling digital assets with central bank money on SDX, as well as the interoperability between traditional (Swiss RTGS) and DLT-based infrastructure (SIX).
  • Highlighted the potential benefits of having wCBDC on DLT such as increased efficiency and security.
  • Provided insights into the necessary technical and legal frameworks.

Completed on 13 January 2022

Goal

To further explore the integration of a wCBDC on a DLT-based infrastructure by integrating wCBDC with existing core banking systems of the central banks and commercial banks, building upon the foundational work from Phase I. Transactions were therefore performed end to end. The experiment included five commercial banks; Citi, Credit Suisse, Goldman Sachs, Hypothekarbank Lenzburg, and UBS, extending the scope beyond the central bank.

Results

  • Demonstrated the feasibility of settling digital assets in wCBDC end to end.
  • Demonstrated that an overnight wCBDC can be integrated with existing core banking systems of commercial and central banks.
  • Addressed more of the operational, legal, and policy questions necessary for wCBDC issuance.

Documents for Downloads

Access our official documents here, you can find legal documents, terms & conditions and all other relevant documents.

Trusted by These Members

The list of members showcases the financial institutions that are admitted to Securities Services. These regulated participants have met the technical and compliance requirements to access our digital CSD, enabling them to issue, hold, and settle securities on our platform.

Frequently Asked Questions About Digital Securities

Go Deeper: Discover Expert Content on Digital Asset Custody

Explore our Knowledge Hub to discover insights on Digital Assets Custody and stay up to date with the latest industry news and trends.

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Aerial view of a dam, symbolizing the two sides of the CSDR coin: data quality for cash penalty calculation and reconciliation for settlement reporting, highlighted in the "Two Sides of the CSDR Coin" webinar.
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