Deals & Cases

Walder Wyss advises Deutsche Börse on settlement of securities transactions using distributed ledger technology (DLT)

18 November 2019 – Deutsche Börse, Swisscom and three partners (Falcon Private Bank, Vontobel as well as Zürcher Kantonalbank) have successfully executed joint securities transactions in tokenized shares by using Distributed Ledger Technology (DLT). As part of this feasibility study, the share register of a Swiss stock corporation has been digitized and the company's shares have been tokenized. In order to execute the delivery versus payment transactions based on DLT, money in the form of cash tokens has been made available to the participants. Deutsche Börse has issued the CHF backed cash tokens via its subsidiary Eurex Clearing.

With this proof-of-concept study, the partners executed legally binding transactions to showcase how an immediate and secure securities settlement of shares in small and medium-sized enterprises could look like in the future.

Walder Wyss advised Deutsche Börse on all regulatory and corporate aspects. The team included Thomas Müller (Partner, FinTech) and Dimitrios Berger (Associate, FinTech).