Zurich
14 March 2017
Reporter: Stephanie Palmer
FINMA approves first derivatives trade repository
SIX Securities Services has received approval from the Swiss Financial Market Supervisory Authority (FINMA) to officially launch its Swiss derivative trade repository, subject to certain conditions.

The SIX Trade Repository is the first of its kind to launch in Switzerland. Its approval will prompt implementation of the Swiss Financial Market Infrastructure Act (FMIA) derivative transaction reporting requirements, which are set to come into effect six months after the launch of the first eligible derivative trade repository.

SIX’s repository has been in testing, with 50 financial institutions, hedge fund managers and traditional fund managers, since January 2016. FINMA approval means clients will soon be able to start formally onboarding to the repository.

The conditions have not been disclosed, however according to a SIX spokesperson they are not prohibitive to the approval. Once they have been fulfilled, FINMA will disclose its final deadline for compliance with the FMIA derivative transaction reporting requirements.

The new derivative trade repository is expected to go live by Q3 2017.

Thomas Zeeb, division CEO of SIX Securities Services, said: “Our focus as a provider of market infrastructure services is to manage and mitigate the burden of regulatory compliance through offering relevant and reliable services to our clients. Our trade repository for Switzerland is designed to do just this and we now look forward to working with our customers to bring them on board over the coming months.”

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Custody not a commodity
28 June 2017 | Warsaw | Reporter: Stephanie Palmer
Viewing custody and clearing as a commoditised industry could be putting pressure on pricing and threatening the industry, according to speakers at The Network Forum
BNY Mellon and Australian financial service provider One Investment Group are joining forces to offer global custody services to Australian fund managers, trustees and responsible entities
70 percent say cyber crime will lead to financial crisis
28 June 2017 | Warsaw | Reporter: Stephanie Palmer
The next financial crisis is ‘highly likely’ to be caused by cyber crime, and the only way to manage this is for the industry to come together, according to a panel session at The Network Forum in Warsaw
J.P. Morgan recruits new head of global custody
28 June 2017 | London | Reporter: Mark Dugdale
Hughes has joined the bank from Deutsche Bank, where he was head of strategic execution for global securities services
R3 completes prototype for ECP issuance
27 June 2017 | London | Reporter: Stephanie Palmer
R3 and four of its member banks have collaborated to build a solution for issuing Euro Commercial Paper on a distributed ledger technology platform
€50 billion mandate win for Caceis
27 June 2017 | Rome | Reporter: Stephanie Palmer
Caceis has been selected to provide custody, depository, fund administration and transfer agency services for Amundi SGR, the Italian subsidiary of the Amundi Group
EFAMA elects Nott as new president
26 June 2017 | London | Reporter: Stephanie Palmer
The European Fund and Asset Management Association has elected William Nott of M&G Securities to serve a two-year terms as president
More news