SIX Group

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SIX Group
Six group.jpg
Founded 2008
Headquarters Zurich, Switzerland
Key People Thomas Wellauer, Chairman; Jos Dijsselhof, CEO; Daniel Schmucki, CFO
Products Stock Exchange Operator
Twitter @sixgroup
LinkedIn Profile
Facebook SIXGroupAG
Website SIX Group Homepage
Releases Company News
Blog SIX GRoup Blog

SIX Group, the parent company of SIX Swiss Exchange, provides infrastructure services to national and international participants of the Swiss financial center. The company's fields of business include securities trading, securities services, financial information and payment transactions.

SIX Group was formed at the beginning of 2008 through the merger of SWX Group, SIS Group and Telekurs Group.

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Products and Services

SIX Group provides infrastructure services to national and international participants of the Swiss Financial Centre.

Its fields of business include:

  • Securities trading
  • Securities services
  • Financial information
  • Payment transactions

A globally operating infrastructure provider, the Six Group forms a critical aspect of the Swiss financial center.

Blockchain Products

SIX announced in February 2019 that it plans on releasing a blockchain platform later in 2019. SIX chairman Romeo Lacher said that the "SIX Digital Exchange (SDX)" will operate alongside the existing SIX platform, at least to start. Lacher also said that SIX wants to begin the project with a security token offering, or STO.[1]

In March 2019, SIX told Coindesk that it had chosen R3's Corda, an open source distributed ledger platform, to develop SDX. In addition to cryptocurrency, the platform will offer the trading of tokenized assets, including equities, bonds, funds, and even physical commodities like fine art.

Charley Cooper, managing director at R3, said that it was important for a "mainstream influential financial market infrastructure player" to launch an exchange for digital assets using blockchain technology. He also pointed out that many R3 members and investors are SIX stock exchange trading members, including ABN AMRO, Barclays, Citi, Credit Suisse, Deutsche Boerse, HSBC, and UBS.[2]

Management changes

According to CoinDesk, an online cryptocurrency news service, many of the original management of the project had left by early 2020. SDX's CEO Halblaub quit in summer 2019. He was followed approximately six months later by Alex Zinder, architecture lead, Ivo Sauter, head of clients and products, and Sven Roth, chief digital officer. Sauter told CoinDesk, “I think for me, the biggest thing was the initial vision changed. Primarily, this was because the mother company took more and more influence on SDX. I believe that with an innovation project like SDX there needs to be a bit of separation from the big mother.”[3]

SDX launch

SDX, also known as SIX Digital Exchange, was established to execute on SIX Group's digital asset and blockchain strategies. The project launched with a prototype in September 2019 based on SIX Group's trading technology and connection to a new distributed ledger technology-driven central securities depository.[4]

Cryptocurrency products trading

In November 2018, SIX Group listed a cryptocurrency markets-based index fund called the Amun Crypto Basket Index ETP under the ticker symbol HODL, which tracks the top 5 cryptocurrencies by market capitalization and liquidity. It comprised of bitcoin, Ether, XRP, Bitcoin Cash, and Litecoin. This fund is managed by the Swiss firm Amun AG. Amun AG claims that the basket ETP is up 1113% since launch.

In February 2019, SIX Group listed a bitcoin exchange-traded product (ETP) under the ticker symbol ABTC (for Amun bitcoin). In March, SIX Group announced that it had listed an Ethereum-based ETP under the ticker symbol AETH. It carries an annual management fee of 2.5 percent. According to Amun's base prospectus for crypto-based ETPs, crypto ETP products do not qualify as a collective investment scheme under the Swiss Federal Act on Collective Investment Schemes (CISA), because the products are "neither governed by the CISA nor supervised or approved by the Swiss Financial Market Supervisory Authority FINMA." It also does not provide investor protection under the CISA.[5] On October 3, 2019, fintech firm Amun AG and cryptocurrency custodian Bitcoin Suisse AG told The Block that they had partnered to launch a bitcoin and Ether ETP that was fully collateralized by digital assets held in a vault owned by Bitcoin Suisse. Hany Rashwan, co-founder and CEO of Amun AG, said that the ETP had been designed specifically for Swiss consumers. The firms said that the product would launch on the SIX exchange on October 4, 2019, under the ticker symbol ABBA.[6]

Stablecoin development

In May 2019, a spokesman for the SIX Group confirmed in an email to CoinDesk that the exchange was in the process of developing its own stablecoin pegged to the Swiss franc for trade on SDX.[7]

Key People

  • Romeo Lacher - Chairman