SIX Securities Services is partnering up with Digital Asset Holdings to work on a proof-of-concept for blockchain technology in the Swiss financial market.
The initial prototype will aim to demonstrate the commercial viability of distributed ledger technology for securities lifecycle processing, while also developing plans for future opportunities spanning the whole market.
Digital Asset will design the solution to incorporate distributed and encrypted straight-through processing tools into existing securities transaction flows.
SIX and Digital Asset will then extend the solution to additional applications and demonstrate how post-trade processes can be further streamlined.
Thomas Zeeb, division CEO of SIX Securities Services, said: "Distributed ledger technology and its potential role in post trading is key to our business. We need to understand it, and more importantly, its applicability and future flexibility in order to keep ahead of the game.”
“Partnering with Digital Asset is a way to accelerate our own development plans and leverage their experience in this area."
Blythe Masters, CEO of Digital Asset, said: "Partnering with SIX brings this cutting edge technology another step closer to commercial reality.”
She added: “We believe this collaboration will provide exciting opportunities for SIX and its customers while reducing inefficiency, cost and risk in the financial services ecosystem."
This latest venture will add to SIX Securities Services existing distributed ledger prototype for corporate actions.
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