SIX Digital Exchange (SDX), which provides infrastructure for digital asset platforms, is replacing its outgoing CEO Tim Grant with State Street veteran David Newns. He is expected to take charge on October 6, but it is still subject to FINMA approval.
Newns is joining the SIX Group subsidiary at a crucial time. The company is awaiting regulatory approval that will allow it to launch its cryptocurrency operations. The challenge in front of him will be to grow SDX’s operations.
“Once we receive regulatory approval we will need to be ready to ramp up operations, client onboarding and deployment,” Thomas Zeeb, SDX Chair and a Member of the SIX Board, said.
“We have received the draft FMI licenses for SIX Digital Exchange AG and SDX Trading AG from FINMA and have responded within the consultation period with no concerns or issues so that we expect the formalization of the licenses to follow shortly.”
A Capital Markets Expert
Newns is an expert in the capital markets and has hands-on experience in managing trading platforms. He spent the last 15 years of his career at State Street with his most recent experience being the bank’s Global Head of Global Link Execution Services. There, he headed the other platforms like FXConnect and Currenex.
He spent the early years of his career at the business intelligence firm, MicroStrategy as an eBusiness Development Manager.
Meanwhile, Grant is leaving SDX to become the head of Galaxy Digital’s European division. Interestingly, Newns will be the third CEO of SDX since last January.
“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,” Zeeb added. “David brings with him the background and experience to take us forward and extend the reach of the SDX platform throughout the industry.”
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