SIX Swiss Exchange, a subsidiary of SIX Group, and Nasdaq have officially announced that Nasdaq, in collaboration with its tech partner Chain, will provide distributed ledger technology (DLT) for a Minimum Viable Product (MVP) for SIX’s OTC structured products business.
First reported by CoinDesk, the DLT initiative was recently revealed in a SEC filing in which Nasdaq stated that has inked an agreement with SIX Swiss Exchange to implement a distributed ledger technology based solution for the OTC structured products business from SIX.
“We are always keen to explore innovative technologies which could serve as basis for wider commercial offering,” said Chris Landis, Division CEO SIX Swiss Exchange. “Working together with Nasdaq reinforces our commitment towards being an exchange at the technology forefront.”
According to the official release, the solution will integrate with several systems currently managed by SIX and utilize the DLT capabilities at the core of the Nasdaq Financial Framework. With the MVP, SIX would gain first-hand experience on the implementation of a DLT solution as well as investigate how to leverage blockchain technology for SIX and its members in the post-trade environment.
In May 2016, Nasdaq launched the Nasdaq Financial Framework – its next-generation enterprise architecture stack. The framework enables market operators to easily leverage the latest and innovative technologies —including blockchain—and bring new functionality to market more quickly.
“Nasdaq is a strong believer in the power of emerging technologies to transform financial markets,” said Lars Ottersgård, Executive Vice President and Head of Market Technology, Nasdaq. “This project with SIX Swiss Exchange, one of our long-term partners, is a prime opportunity to explore and implement blockchain technology in a controlled, highly collaborative environment.”
Partners for over 10 years, Nasdaq and SIX Swiss Exchange extended their current technology contract last October. It includes trading technology for SIX equities, ETFs, structured products, funds and fixed income markets, as well as SMARTS Market Surveillance and Nasdaq Pre-Trade Risk Management.
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