SDX, the digital offspring of the Swiss stock exchange operator, is looking for investors. But the coronavirus has put a temporary damper on its plans.
SIX, the Swiss stock exchange, wanted to launch SDX, the exchange for digital and crypto assets, in the fourth quarter of 2020. The launch has now been delayed: the reason behind the decision is the coronavirus and discussions with potential investors that are behind schedule, SDX President Thomas Zeeb told the «Financial News» (behind paywall).
Zeeb added that the search for strategic investors had been interrupted by the measures taken to stop the coronavirus, leading to uncertainty about the exact value of the project and hampering the due diligence process.
Not the First Problem...
SIX had recently begun looking for external investors for as much as 30 percent of SDX, with an eye on finding shareholders that might turn into clients. Originally, the exchange’s shareholders – Swiss banks – had financed the project.
The project seems to lurch from one problem to the next. In September 2019, the project lost its boss, as CEO Martin Halblaub apparently disagreed with SIX about strategic considerations.
...and Not a White Elephant
Zeeb seems unruffled about the latest set-back, saying that the reason why the company was looking for shareholders wasn’t the need for money. In fact, finding new investors was a means to show that the SDX was not a white elephant out their.
