SIX Digital Exchange gets its third CEO in 2 years

Karthik Subramanian

SIX Digital Exchange, the digital and crypto arm of the SIX exchange, has announced the appointment of State Street veteran David Newns as its new CEO who will be replacing the outgoing CEO, Tim Grant.

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It should be noted that Newns would be the third CEO of the SIX Digital Exchange which shows that all is not well with the development of the exchange though it is reported that the technical development of the exchange is complete as it waits for regulatory approvals from the various authorities.

Thomas Zeeb, chairman SDX and member of the executive board, SIX, said: “Once we receive regulatory approval we will need to be ready to ramp up operations, client onboarding, and deployment. As with any infrastructure, success will be defined by scale, and our challenge going forward will be to develop the relationships and partnerships – ecosystem, if you will – that will enable us to offer our clients what they are really looking for in challenging times: New services and products for their clients.”

David has spent much of his professional career at State street after beginning his career with Microstrategy as its business development manager. At State Street, he has been the Managing Director for Europe early in his career and has steadily grown to be the CEO and Senior Managing Director for the Exchange, the Global Head of Currenex before finishing his career there as the Global Head of Global-Link Execution Services. The variety of roles that he has performed in some of the most important products of State Street reflects the credentials that he brings into SIX Digital Exchange which would hope that his experience would be useful to set things right at the company and ensure that the exchange is launched with full stability, robustness and also the right regulations as well so that it would be able to serve the users with products and features that they would like.

This was reflected in what Zeeb added: “I thoroughly enjoyed working with Tim and his team at SDX and now look forward to working with David as we take SDX into the next stage of maturity and development. David brings with him the background and experience to take us forward and extend the reach of the SDX platform throughout the industry.”

Switzerland is expected to have very favorable and open regulation for digital assets and if the company can get its act right, it should do well in the environment that they are in.

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