Zurich
03 October 2017
Reporter: Theo Andrew

SIX launches Swiss derivatives trade repository service


SIX Securities Services has launched a Swiss trade repository service for reporting over-the-counter and exchange-traded derivative transactions in compliance with the Financial Market Infrastructure Act (FMIA).

The service comes in response to strong demand in the market, and allows large Swiss financial counterparties to report transactions under FMIA before the compliance deadline.

The system has gone live after receiving approval from the Swiss Financial Market Supervisory Authority (FINMA) six months ago.

SIX worked closely with banks in a bid to ensure a smooth onboarding process.

Klaus Durrer, head of regulatory change management in Switzerland at UBS, said: “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.”

Tomas Kindler, head of financial centre services at SIX Securities Services, said: “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.”

He added: “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 [financial counterparty and non-financial counterparty] clients as convenient as possible.”

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