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.”
