Head of SIX's Digital Asset Exchange Quits Over Strategy Disagreement

Switzerland's SIX stock exchange has just lost a key executive in charge of its digital assets exchange, SDX.

As reported by SwissInfo.ch on Thursday, SDX CEO Martin Halblaub has announced he will be departing the exchange just eight months after taking on the role.

A disagreement over the future direction of the in-development exchange is said to be behind the move, with Halblaub having wanted to spin off the SDX into an independent company. The board however felt the upcoming platform should stay in the SIX Group fold.

In a memo circulated internally by SIX on Tuesday, Halblaub is quoted as saying:

“I fully support SDX’s ambition and business model and would have loved to lead SDX into the future. 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."

Replacing Halblaub as interim CEO on Sept. 1 will be Tomas Kindler – currently head of business management and deputy to Thomas Zeeb, SIX's head of securities and exchanges.

Kindler may ultimately stay on as CEO, but the exchange said it has a launched a search for candidates for the role.

Halblaub has also been a senior advisor to SIX since 2016, and will "continue to be available to support SDX," according to the memo which was penned by Zeeb.

In May, Zeeb indicated that the SIX’s planned digital exchange will go live with a native token and an “initial digital offering” (IDO) service in 2020. That would follow a trial expected to be completed late this summer.

SIX image via Shutterstock