Zurich SIX Securities Services, the operator of the Post-Trade infrastructure for the Swiss financial sector, and Digital Asset Holdings, a developer of Distributed Ledger technology for the financial services industry, have announced plans for the development of a Proof-of-Concept. This is intended to demonstrate, on the basis of a first prototype for the life-cycle processing of securities, the commercial viability, this technology promises for the whole of the Swiss financial market. In addition, the two companies will develop a Roadmap for future development opportunities that span the entire value chain of the market infrastructure.
SIX Securities Services recognizes the potential of the Distributed Ledger technology, and has chosen after a competitive selection process to design, together with Digital Asset as a business and technology partners a solution for the Swiss market. The initial phase of the project will demonstrate the ability to develop Tools for the distributed and encrypted Straight-Through-processing and to integrate them in the existing securities transaction flows, as well as a Roadmap for the Development of an in-market tire to set up Service.
The Proof of Concept will go beyond the scope of the prototype, in addition, the Digital Asset is develop a product roadmap for future opportunities. These include a variety of applications, showing how current, separate processes are optimized and for SIX Securities Services, as well as the entire post-trade ecosystem could become more efficient.
SIX Securities Services is currently a prototype for the processing of Corporate Actions, at 26. up to 29. October will be at Sibos in 2016 in Geneva. the Thomas Zeeb, Division CEO SIX Securities Services: “The Distributed Ledger technology and its potential role in the Post-Trading are a crucial business factor. To maintain our edge, we need to understand this technology and, above all, to know which applications and with what flexibility potential, we in the future can be expected. The cooperation with a Digital Asset represents a promising opportunity, our own development plans to accelerate and to benefit from the experience of our partners in this area.”
“With SIX as a partner in this innovative technology takes a further step towards commercial reality,” says Blythe Masters, CEO of Digital Asset. “We are convinced that our cooperation SIX, and your customers, opening up exciting possibilities and at the same time will help to reduce the inefficiencies, costs and risks in the financial services Ecosystem.” (SIX/mc)