SIX Group taps R3’s Corda Enterprise for blockchain-based trading platform ‘SDX’

Enterprise software firm R3 has announced that Swiss stock exchange operator SIX Group has selected Corda Enterprise for its upcoming SIX Digital Exchange (SDX).

In July 2018, SIX announced SDX – a full end-to-end and fully integrated trading, settlement and custody infrastructure for digital assets. Last month, reports suggested that it was planning to test blockchain integration for SDX in the latter half of this year.

Corda Enterprise is R3’s commercial distribution of its open source blockchain platform, Corda. Optimized for business cases requiring the highest levels of security and stability, Corda Enterprise will provide a key element for SDX’s fully integrated end to end trading, settlement and custody service for digital assets.

Sven Roth, member of the management team at SDX, said that Corda Enterprise was the “best fit” for the scale and breadth of service envisioned with SDX.

“We are building the future exchange for digital assets, so the ability to adapt and evolve the ecosystem over time is crucial. R3’s wide developer community, open-source code base and experience across a range of industries make it ideal for this purpose,” Roth said.

With a number of R3’s members and investors such as ABN AMRO, Barclays, BNP Paribas, Citi, Commerzbank, Credit Suisse, CS Affiliates, Deutsche Bank, HSBC, Natixis, RBC, SocGen, and UBS being SIX stock exchange trading members, they will be very well positioned with respect to their knowledge and adoption of Corda to leverage SDX services as they become available, the release said.

David E. Rutter, CEO and founder of R3, said that representing assets as tokens on a blockchain platform is one of the most impactful applications of the technology. He said that SDX is pioneering this development, adding:

“By enabling capital market transactions on a decentralized ledger, not only can SDX reduce costs for investors, but also enable the trading of some assets for the first time. This will have a huge impact for investors, providing new opportunities for capital and creating more effective markets.”

Recently, SIX Swiss Exchange launched trading of Ethereum-based exchange-traded product (ETP). This followed the launch of multi-crypto-based ETP in November 2018 and bitcoin-based ETP last month.