Today – six months after receiving approval from FINMA – the Swiss trade repository service provided by SIX Securities Services officially went live. The vast majority of the large financial counterparties in Switzerland (classified as FC+), starting their reporting obligations in the first phase today, decided in favor of the SIX Securities Services solution and are set up in the system.
In accordance with the Financial Market Infrastructure Act (FMIA; in German ‘Finanzmarkt-infrastrukturgesetz’ FinfraG), all companies with a registered office in Switzerland are obliged to report derivative transactions to an authorized trade repository. In response to client demand, SIX Securities Services today launched its FINMA-accredited central trade repository for the reporting of OTC and exchange-traded derivative (ETD) transactions under FMIA. As of today, in accordance with the FMIA deadline, the system is officially up and running.
During the last six months, SIX Securities Services worked closely with banks to ensure an orderly and seamless onboarding process and overcome technical challenges in a timely manner. According to Klaus Durrer, Head Regulatory Change Management Switzerland, UBS, “We are delighted with the support and the working relationship with SIX Securities Services in conjunction with the launch of this key market infrastructure for Switzerland.”
According to Tomas Kindler, Head Financial Center Services and Member of the Management Committee, SIX Securities Services, “We are very pleased about the fact that our trade repository is the provider of choice when it comes to derivatives transaction reporting under FMIA. With most of the large Swiss financial counterparties active in the system, SIX Securities Services continues its effort to make the next onboarding phases for FC- and NFC+ clients as convenient as possible.”
