SIX is the first market infrastructure to offer a blockchain enabled and fully integrated end to end trading, settlement and custody service for digital assets - SDX. The service provides a safe environment supporting the issuance and trading of digital assets. In addition, SDX can facilitate the tokenisation of existing or non-bankable securities, turning once untradeable instruments into tradeable assets. SDX is expected to be rolled out in 2019.
Under SDX’s model, there will also be a transition to T+0 settlement supplanting the market norm of T+2. As instant settlement will negate the need to post margin; liquidity – which has been trapped at CCPs or financial counterparties – will be freed up. “SDX is transforming securities markets and we are very proud to be at the forefront of technological change. This Global Custodian award is testament to our commitment to innovation,” said Valerio Roncone, head of product management and development at SIX.
In addition to winning the coveted “best innovation in market infrastructure” accolade, SIX Exchange Services was also recognised in the “best ICSD network” and “best asset servicing – major markets for Western Europe” categories at the prestigious Global Custodian Leaders in Custody Awards event. The awards were based on SIX’s consistently excellent scoring in Global Custodian surveys over the years. “In a rapidly changing and volatile market, clients need dynamic and agile counterparties to deliver. This is what drives SIX as an organisation,” continued Roncone.
“SIX has become a pioneer within the securities services industry by building the first fully integrated trading, custody and settlement framework for digital assets and we are delighted to recognise this achievement with our Best Innovation in Market Infrastructure award,” said Jonathan Watkins, managing editor at Global Custodian. “While the new digital asset phenomenon was trying to find its place in the capital markets, SIX stepped up and created the first ecosystem from an incumbent market infrastructure provider to add a much-needed element of trust and security to an emerging asset class. We at Global Custodian are excited to see what the future holds for this exciting new project,” he added.