After a successful go-live with large financial counterparties (FC+) on 1 October 2017, the SIX Trade Repository, the only FINMA-approved Swiss trade repository, has now followed this up by bringing more than 150 Swiss institutions on to the system, meeting the derivative transaction reporting deadline of 1 January 2018 for small financial counterparties (FC-) and large non-financial counterparties (NFC+).
Based on the Swiss Financial Market Infrastructure Act (FMIA, “Finanzmarktinfrastrukturgesetz, FinfraG”), all companies with a registered office in Switzerland are obliged to report their derivative transactions to an authorized trade repository. In October 2017, in response to strong client demand, SIX Securities Services launched a central trade repository for the reporting of over-the-counter (OTC) and exchange-traded derivative (ETD) transactions – the SIX Trade Repository.
Tomas Kindler, Head Financial Center Services and Member of the Management Committee, SIX Securities Services, is convinced that “this strong take-up of our reporting service is based on our guarantee of full data storage in Switzerland as well as full price transparency.”
The next milestone – reporting of ETD transactions SIX Securities Services will continue its close collaboration with Swiss-domiciled reporting users to prepare for the next milestone in the ETD reporting process. Furthermore, SIX Securities Services will support small non-financial counterparties (NFC-) to fulfill their reporting obligations which are due by 1 January 2019.
