SIX Digital Exchange (SDX): digital bonds in Switzerland
SIX Digital Exchange (SDX) is the digital asset platform of SIX, the operator of the Swiss stock exchange. Issuers such as UBS, Commerzbank and the World Bank have issued digital bonds through it, and many of them settled against wholesale central bank money of the Swiss National Bank.
SDX within the SIX depository
SIX announced its digital exchange in July 2018, and SDX started operating in November 2021, Netzwoche reported. SIX reports it "became the first regulated market infrastructure to issue a digital bond" and that more than 2 billion Swiss francs of securities have been issued through SDX for banks including UBS and Commerzbank as well as the World Bank. SIX has integrated its digital asset capabilities into its core CSD infrastructure.
Settlement in wholesale central bank money
In Project Helvetia, the Swiss National Bank provides wholesale CBDC on the SIX platform, and digital bonds settle against it as delivery versus payment. Many of the bonds issued through SDX settled this way. SIX also names tokenized Swiss francs and euros as means of payment. The platform runs on R3 Corda, according to R3.
Legal form and members
Under Swiss law, the digital bonds on SDX are intermediated securities (Bucheffekten) under the Federal Intermediated Securities Act. SIX names Commerzbank AG and UBS Switzerland AG as admitted members. With Citi, SIX offers Digital Depositary Receipts.
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What is SIX Digital Exchange?
SIX Digital Exchange (SDX) is the digital asset platform of SIX, the operator of the Swiss stock exchange. It issues and settles digital bonds, which are intermediated securities under Swiss law.
Which blockchain does SDX use?
SDX runs on R3 Corda, a permissioned ledger for regulated markets, according to R3.
What is Project Helvetia?
Project Helvetia is a Swiss National Bank project with wholesale central bank digital currency. The SNB provides wholesale CBDC on the SIX platform, and digital bonds settle against it.
Settlement and Switzerland
SIX Digital Exchange and Finance Loop
Finance Loop covers digital bonds and their settlement in the Investment & Digital Assets track, and wholesale central bank money in Payments & Digital Money.
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