Six months after receiving approval from FINMA - the Swiss trade repository service provided by SIX Securities Services has officially gone live. Many large financial counterparties in Switzerland (classified as FC+), starting their reporting obligations in the first phase, have selected the SIX Securities Services solution and are set up in the system.
In accordance with the Financial Market Infrastructure Act (FMIA; in German 'Finanzmarkt-infrastrukturgesetz' FinfraG), all companies with a registered office in Switzerland are obliged to report derivative transactions to an authorized trade repository.
In response to client demand, SIX Securities Services has launched its FINMA-accredited central trade repository for the reporting of OTC and exchange-traded derivative (ETD) transactions under FMIA. As of today, in accordance with the FMIA deadline, the system is officially up and running.