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Swiss trade respository backed by regulator
14 March 2017
The system is expected go live during this year’s third quarter
SIX Securities Services says its Switzerland-based trade
repository will be up and running later this year after winning
approval from the Swiss Financial Market Supervisory Authority
The trade repository has been in a testing phase since
January 2016 with over 50 major financial institutions, hedge
fund managers and traditional fund managers.
Clients will soon start onboarding in preparation for the
deadline for derivative transaction reporting under the Swiss
Financial Market Infrastructure Act (FMIA).
The rules require firms with a registered office in
Switzerland to report details of their derivatives transactions
to a trade repository authorised by FINMA.
Both over-the-counter and exchange-traded derivatives across
all asset classes need to be reported by T+1, as well as daily
valuations for open trades.
SIX said the system is expected go live during this
year’s third quarter.
LSE's UnaVista partnered with SIX in 2015 to provide the
technology for the trade repository.
"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," Thomas Zeeb, division chief executive officer of SIX
"Our trade tepository 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."