SIX Securities Services, the post-trade infrastructure operator for the Swiss financial sector, and Digital Asset Holdings, a developer of distributed ledger technology for the financial services industry, say they plan to develop a proof of concept that will demonstrate the commercial viability of distributed ledger technology across the Swiss financial market, with an initial prototype for securities lifecycle processing.
SIX Securities Services says it recognizes the potential of distributed ledger technology and after a competitive evaluation process has selected Digital Asset as the business and technology partner for the design of a solution for the Swiss market. The initial phase of the project will demonstrate the ability to build and incorporate distributed, encrypted, straight-through-processing tools into existing securities transaction flows, and propose a roadmap for extending this to a production-ready service. The proof of concept will extend beyond the scope of the prototype, and Digital Asset will develop a product roadmap for future opportunities to include a wide range of applications that demonstrate how current, segregated processes could be streamlined and made more efficient for SIX Securities Services and post-trade ecosystem as a whole.
SIX Securities Services says it has already made significant strides in exploring distributed ledger technologies and currently has a prototype for Corporate Actions processing on display at Sibos, in Geneva next week.