In a strategic move, the Swiss stock exchange group, SIX, unveiled its 2024 financial results, accompanied by the launch of a three-year initiative dubbed Scale Up 2027, under the leadership of the new CEO, Bjørn Sibbern. This initiative is designed to enhance growth and profitability, albeit at the cost of 150 job positions, some of which will be eliminated through natural attrition. As a pivotal part of its growth strategy, SIX is set to merge its blockchain-powered SIX Digital Exchange (SDX) into the Securities Services division.

The integration of SDX into the Securities Services unit is positioned as a means to drive growth by deploying SDX’s cutting-edge technology across the entire SIX ecosystem, thereby unlocking synergies and maximizing the potential of SDX within the broader group framework. Notably, SIX Digital Exchange made history as the world’s first regulated secondary market for digital securities and was instrumental in hosting a wholesale central bank digital currency (wCBDC) as part of the extended Project Helvetia pilot by the Swiss National Bank. Additionally, SDX holds a crucial license as a central securities depository (CSD).

Since its inception, SDX has facilitated the issuance of over CHF 1.5 billion in digital bonds and has amassed a membership base of 14 entities across digital securities and web3/crypto services, with commitments from at least nine more prospective members. The platform’s digital CSD is seamlessly integrated with the traditional CSD, allowing for seamless interaction for issuers and investors without direct involvement with blockchain technology. The recent announcement also emphasizes the benefits derived from shared infrastructure, signifying a strategic alignment with the original vision for SDX.

The evolution of SDX has seen a series of leadership transitions, reflecting the dynamic nature of the digital exchange. Notably, the initial CEO, Martin Halblaub, departed in 2019 due to strategic disparities, paving the way for subsequent leaders like Tim Grant and David Newns, who have steered the platform through its milestones. With the recent departure of Javier Hernani, the former CEO of SIX-owned BME and Head of SIX Securities Services, the stage is set for a potential shift in the strategic direction under new leadership.

Despite facing a net profit of CHF 38.7 million in 2024, after accounting for a substantial write-off related to the valuation of holdings in Worldline, SIX remains optimistic about its financial outlook. Adjusted for these circumstances, the net profit would have reached CHF 204.4 million, marking a notable increase of 12.3% in profitability.

This strategic move by SIX to merge SDX into its Securities Services group underscores the organization’s commitment to harnessing the potential of blockchain technology and digital assets within the traditional financial landscape, setting the stage for further innovation and growth within the Swiss financial ecosystem.