Blockchain/DLT (MVP/XDL)

Headed by Rolf Broekhuizen (SIX-Swiss Exchange) and with participants from various members of SFTI, the DLT working group evaluated a number of use cases in late 2016. Just a few months later, the working group has agreed to further pursue the use case that was proposed by SIX.

This SIX funded SFTI initiative aims at creating a Minimum-Viable-Product (MVP) in the post-trading area. The XDL MVP complements SIX’s productive bilateral trading platform XBTR by a new, DLT based settlement system. The XDL MVP was developed with Nasdaq as a technology partner and represents an independent platform running in parallel to SIX’s existing settlement system SECOM. As XBTR and SECOM are already in production, XDL will leverage the existing legal and technical framework with members.

Figure 1: High-level solution overview

In November 2017, the test phase started. This provided the participating SFTI DLT working group members with the unique opportunity to test the XDL MVP in SIX’s production-like member-test environment and thereby gain first-hand experience with Distributed Ledger Technology.

By the end of 2017, all envisaged test cases have been successfully completed. Going forward, the MVP and the corresponding test results will be carefully evaluated in order to define next steps.