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.”

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