Swiss industry leaders form new blockchain trade body
Switzerland’s leading technology, financial and legal groups have announced the establishment of a new trade body to promote the use of blockchain technology in financial markets.
The Capital Markets and Technology Association (CMTA) has been founded by Lenz & Staehelin, the country’s largest law firm, online banking business Swissquote Bank, and Temenos, the fintech group.
In a press statement the CMTA said it will work towards creating open standards and toolkits that can be used by new or established companies and start-ups to access funding and raise capital securely and efficiently using new technologies and leveraging digitalisation.
The Association also provides a platform to create open industry standards around issuing, distributing and trading securities in the form of digital tokens using distributed ledger technologies.
Jacques Iffland, CMTA’s chair, and partner at Lenz & Staehelin, said: “The blockchain technology has the potential to reduce the complexity of the capital markets system and lower the barrier of entry for start-ups.
“By defining a set of industry-supported, open standards, the CMTA aims to facilitate access to funding for businesses, ultimately contributing to value creation throughout the economy.”
Simplifying value chains
Meanwhile, David Arnott, chief executive of Temenos, said: “We see the possibility for distributed ledger technologies to simplify banking value chains, speeding up customer fulfilment, lowering costs and democratising financial services.
“We’re excited to work on the challenge of integrating these technologies into financial markets in a safe and reliable way and are very pleased to be part of the CMTA.”
Marc Burki, chief executive of Swissquote, added: “We are excited to participate in a project that opens up opportunities for companies and the market.”
The CMTA has been established as a not-for-profit, non-governmental association.