according to the materials of the site - By The Crypto Times

SIX Group AG, the operator of the Swiss and Spanish stock exchanges, is liquidating its digital asset trading division SDX and transferring its activities to the structure of the parent company.

SDX trading operations are being integrated with the main SIX exchange, and the responsibility for the settlement and storage of digital assets will shift to the group's post-trading division.

In a Bloomberg message, Marco Kessler, head of product and business development in the field of digital assets at SIX, stated that the integration aims to enhance the seamlessness and scalability of digital asset services across the organization.

Current SDX projects, including cooperation with Banque Pictet and Citigroup on the tokenization of securities, will now be carried out by SIX Securities Services. The post-trade division will also manage projects related to splitting securities into smaller parts.

Kessler stated that this step emphasizes the need for standardization of digital asset capabilities in the field of securities services, as well as the growing innovativeness of post-trade activities.

The SIX Group's approach aligns with the growing interest of fintech companies and financial institutions in utilizing blockchain technology to enhance the efficiency of traditional assets such as stocks and bonds.

This process, known as tokenization, allows assets to move around the clock, faster, and possibly at lower costs compared to traditional systems. It can also make less liquid assets, such as shares of private companies, more accessible.

The SDX platform, launched in 2021, provided infrastructure for regulated digital securities, including an exchange and a central securities depository. Approximately 2.5 billion Swiss francs (3.1 billion USD) of digital bonds were issued on the platform, and the group supported the Swiss central bank's pilot project for creating a digital currency.

In May, Citigroup and SDX announced plans for tokenization, settlement, and custody of assets using the SDX central securities depository. The partnership focuses on using blockchain to digitize shares at late stages prior to an IPO, with Citi acting as the tokenization agent and custodian. According to Kessler, these projects will now continue within the post-trading division of SIX.


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