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SIX partners with DTCC to issue LEIs in Switzerland

First Published 4th April 2017

SIX Securities Services partners withThe Depository Trust & Clearing Corporation to offer Legal Entity Identifiers in Switzerland.

Ron Jordan, DTCC

Ron Jordan, DTCC

SIX Securities Services, which runs the central securities depository (CSD) for Switzerland, has entered into a new partnership agreement with The Depository Trust & Clearing Corporation (DTCC) to offer LEIs for Swiss entities.

This partnership comes as Europe readies itself for the implementation of MiFID II on 1 January 2018. This new regulatory mandate will require all legal entities involved in a trade, including the executing, submitting or transmitting firm, on both the buy- and sell-side, to include LEIs in their European trade reporting, which effectively impacts all firms globally.

Last year, on January 1, 2016, Switzerland's Financial Market Infrastructure Ordinance (FMIO) came into force introducing LEIs into Swiss reporting duties. Using the GMEI utility, SIX Securities Services offers Swiss entities the ability to register and renew LEIs in order to trade with European counterparties.

Ron Jordan, Managing Director of Data Services at DTCC, said: "The true value of the global LEI system will be realized when regulatory reporting covering all asset classes in every jurisdiction is required to use LEIs to identify trading parties. To drive further improvements in this crucial area, we look forward to building a strategic partnership with SIX Securities Services - a positive addition to successful collaborations worldwide with CUSIP Global Services (CGS) and TMX's Canadian Depository for Securities (CDS) in North America as well as NordLEI in Europe."