More than 150 Swiss companies go live on the SIX Trade Repository and fulfill their FMIA derivative reporting obligations

More than 150 Swiss companies go live on the SIX Trade Repository and fulfill their FMIA derivative reporting obligations

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 onto 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.

The last months have demonstrated the capability and resilience of the SIX Trade Repository, which currently handles many millions of messages a day and hundreds of concurrent users. 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

After an intense rollout phase in Q4 2017, SIX Securities Services will continue their close collaboration with Swiss-domiciled reporting users to prepare for the next milestone: the reporting of ETD transactions. Furthermore, SIX Securities Services will support small non-financial counterparties (NFC-) to fulfill their reporting obligations which are due by 1 January 2019 (rescheduled by FINMA).

SIX Trade Repository’s vision – meeting all relevant reporting obligations

In addition, in-depth analysis of support for other regulations will be undertaken. SIX Trade Repository’s vision as the only FINMA-approved Swiss trade repository is to provide a single platform for all companies with a registered office in Switzerland to meet all relevant reporting obligations and thus create synergies across the huge spectrum of regulatory reporting.