Kindler is new to the role at SDX, having taken the reins in September, but he’s also been at SIX for over eight years in clearing and payments. Overall, he has some 20 years of experience with financial markets infrastructures including a long stint with Deutsche Börse, progressing through trade, post-trade, IT and business.

SDX, he said, is not a disruptor, rather, it’s the next step in the evolution of securities processing, comparing what’s happening now to the advent of electronic trading in the 90s: “The Swiss Exchange was the first exchange globally to introduce electronic trading, and now we are seeing the next wave which is the switch to digital…and it’s a transition from the traditional value chain into the digital value chain.”

But while electronic trading was a “big bang implementation”, the digital switch is more of a migration, which will take time and carry its fair share of surprises along the way. Kindler believes that this will eventually take over the cash markets but not any time soon for liquid products and already efficient technologies. That, he noted, will be “when we move towards the end of the migration curve”.

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