Nasdaq and SIX Swiss Exchange plan OTC blockchain project

Six Swiss Exchange and Nasdaq have worked together on various technology projects for more than 10 years.

Nasdaq and SIX Swiss Exchange have teamed up to provide blockchain technology for SIX’s OTC structured products business.

The project will be integrated with several systems currently managed by SIX using Nasdaq’s blockchain architecture stack.

SIX said the partnership will be an opportunity to gain first-hand experience regarding the implementation of the technology and its uses in the post-trade world.

Chris Landis, division CEO SIX Swiss Exchange, added the exchange operator is keen to explore innovative technologies like blockchain.

“Working together with Nasdaq reinforces our commitment towards being an exchange at the technology forefront,” he said.

SIX extended its technology contract with Nasdaq in October last year marking the tenth year of collaboration between the two companies.

As part of this, SIX extended the X-stream INET trading technology across equities, ETFs, structured products, fixed income markets, as well as NASDAQ’s SMARTS surveillance and pre-trade risk management tools.

Nasdaq’s head of market technology, Lars Ottersgård, added the latest project with SIX is a “prime opportunity to explore and implement blockchain technology in a controlled, highly collaborative environment”.