Switzerland's digital exchange project is switching out its CEO for the third time since last January. It voiced confidence in its road to regulatory approval.
Zurich-based SDX is replacing current CEO Tim Grant with David Newns, effective October 6 though subject to regulatory vetting, it said in a statement on Thursday. Newns is the Swiss digital exchange's third CEO in as many years.
The move was sparked by Grant's exit for Galaxy Digital, where he will oversee business in Europe beginning on Monday, according to a separate statement from the the crypto investment firm founded by Mike Novogratz. Grant had held the Swiss job for less than 18 months.
Behind Schedule
News has been with State Street for the past 15 years, most recently as global head of link execution services. SDX said the change is linked to the completion of technical development of its platform, with focus now on testing and scaling of its operations as it awaits approval from its regulator, Finma.
SIX securities and exchange chief Thomas Zeeb said the SDX has won a draft license as a financial market infrastructure, a stepping stone on the way to a full license which it expects «to follow shortly».
«Newns’s mandate will be to take SDX seamlessly into its next phase of full operations and growth,» SIX said. More than two years in the making, SDX fell behind schedule last year in finding strategic investors, leading to uncertainty about the exact value of the project and hampering the due diligence process.
