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
Iberclear bank on Citi to provide global custody
20 October 2017 | Madrid | Reporter: Jenna Lomax
The agreement, signed at this years Sibos conference in Toronto, will enable Spanish clearing houses to settle international securities via local CSDs
Clearstream promises post-Brexit services continuity
20 October 2017 | London | Reporter: Jenna Lomax
Despite the uncertainty that came after the referendum results last year, Clearstream said its main objective through Brexit was to minimise risk of cross-border settlement
AI will be transformative, but is still in early stages
19 October 2017 | Toronto | Reporter: Stephanie Palmer
Artificial intelligence is a “transformational technology” that will improve productivity and security, and provide a competitive advantage, according to a live poll at Sibos 2017
Security and standards key in blockchain solutions
19 October 2017 | Toronto | Reporter: Stephanie Palmer
Distributed ledger technology (DLT) solutions should embed security measures at their very core, especially in the financial services space, according to Sibos panellists
LCH promotes Daniel Maguire to CEO
19 October 2017 | London | Reporter: Jenna Lomax
Maguire, who has been COO of the same department since April this year, was previously senior vice president for commodity exotics and hybrids at J.P. Morgan
Swift harmonises VP Securities network in Denmark
19 October 2017 | Toronto | Reporter: Theo Andrew
The enhancement, set to launch in 2018, means banks will face reduced costs by harmonising the network used to connect with other securities markets across the globe
EU commission lays down the law on MiFID II compliance
19 October 2017 | Brussels | Reporter: Jenna Lomax
As many as 19 infringing member states include Belgium, Malta, France, Greece, Luxembourg, Netherlands, Portugal, Spain and Sweden as facing the commission’s wrath
More news