The head of an ambitious Swiss digital exchange project is leaving just eight months into the job. He cites strategic differences as well as his personal life as the reasons for his retreat.
Martin Halblaub is stepping down as CEO of SDX, the Swiss exchange's attempt to build a token-based exchange, according to a memorandum seen by finews.com. He will be replaced at the end of this month by Tomas Kindler, SIX top executive Thomas Zeeb said in the memo, which was first reported by «Swissinfo» on Wednesday.
Halblaub, who also runs a consulting firm called Successful Boards, was only in place for the first phase of SDX (click here to read more about the project). His swift departure is nevertheless a surprise: Halblaub and parent SIX differed on how to set up SDX's strategy, according to the memo.
Strategic Differences
Halblaub wanted to keep SDX independent of SIX, while the parent wanted to keep it under its umbrella. Halblaub told colleagues he «would have loved» to continue running SDX and fully supports its plans. «However, I have decided with a heavy heart - given our differing ideas on strategy, combined with the stretch the role is for my life model - that I cannot engage in a long term commitment as head of SDX.»
He remains at SIX as an adviser – the same role he held from 2016 until he was named CEO of SDX. Kindler (pictured below), who is deputy head of securities and exchanges at SIX, will take over at the SDX temporarily. He is a «strong candidate» in the search to replace Halblaub permanently.
The SDX is the somewhat weary exchange's attempt to use blockchain in order to become faster, cheaper, and more secure. Parent SIX may issue its own tokens as part of a plan to digitize assets, Zeeb told finews.com in May.
SDX Launch Pushed Back
The exit of Halblaub is a setback to those plans, which are heavily reliant not just on the SDX's ability to build the infrastructure, but on SIX's member banks to get themselves into shape to make use to it and – not least – clinch a regulatory greenlight for the project. SDX's planned start for this summer was already pushed back, SIX CEO Jos Dijsselhof told Swiss weekly «NZZ am Sonntag» (in German, behind paywall) on Sunday.
SIX has fierce competition: Swisscom has a stronger track record of rolling out digital initiatives in the Swiss financial services sector. By contrast, SIX had to mothball its ambitions for a cloud computing offering.
