Blockchain Trade Association Formed In Switzerland

Source: Block Tribune, originally published on .

http://blocktribune.com/blockchain-trade-association-formed-in-switzerland/.

A new associative body has been formed in Switzerland to facilitate the use of blockchain technology in financial markets.

Called the Capital Markets and Technology Association (CMTA), the new organization was created by Switzerland’s largest law firm Lenz & Staehelin, Swissquote Bank and banking software provider Temenos. The organization has been established in Geneva as a not-for-profit, non-governmental association, capable of assuming an independent role as standard-setter.

Lenz & Staehelin is a full-service law firm and has around 200 lawyers on its roster. Swissquote offers an online trading platform as well as eForex, Robo-Advisory and eMortgage solutions for private clients, corporate clients and independent asset managers. Temenos provides banking software to thousands of financial institutions around the world.

The CMTA will focus on creating open standards and toolkits that can be employed by various types of companies to raise capital by applying new technologies and digitalization. The upcoming projects will be overseen by an advisory board of technical experts.

“The blockchain technology has the potential to reduce the complexity of the capital markets system and lower the barrier of entry for start-ups,” said Jacques Iffland, CMTA’s chair and partner at Lenz & Staehelin. “The current lack of legal certainty is slowing – and potentially compromising – its development in this field. 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.”

“The combination of Switzerland’s regulatory framework and the emergence of new technologies provides an opportunity to simplify the manner in which companies can distribute their securities and raise capital, and also the manner in which investors can acquire and trade these assets,” said Marc Bürki, CEO of Swissquote. “We are excited to participate in a project that opens up opportunities for companies and the market.”

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