Based on the Financial Market Infrastructure Act (FMIA; in German ‘Finanzinfrastrukturgesetz’ 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 a central trade repository for the reporting of OTC and exchange traded derivative (ETD) transactions under FMIA.
The trade repository from SIX Securities Services is the only FINMA approved Swiss trade repository that guarantees full data storage in Switzerland and full compliance with the high Swiss regulatory standards ensuring data protection at all times.
Our strategic partnership with UnaVista, the award-winning, best-in-class application and subsidiary of the London Stock Exchange Group, provides a powerful, tried and tested, derivative transaction reporting solution for global financial institutions across multiple jurisdictions. In addition, SIX Securities Services has refined UnaVista’s application, completing the regulatory-binding dataset with relevant Swiss-specific business information and complete workflow support.
Counterparties will have to start reporting open OTC transactions on 1 October 2017 (CCP or FC+), 1 January 2018 (FC- or NFC) or 1 April 2018 (other constellations) depending on their FMIA classification.
On 1 April 2017, FINMA authorized SIX Trade Repository Ltd to provide transaction reporting services under FMIA. This authorisation makes the trade repository from SIX Securities Services the only officially recognised solution in Switzerland.
2 October 2017
SIX Securities Services goes live with its trade repository to report derivatives transactions in Switzerland.
UnaVista clients can leverage one graphical user interface (GUI) through UnaVista’s G20 Reporting solution, to fulfil both EMIR and FMIA reporting obligations, thereby building synergies in their reporting requirements.
By January 2018, all parties who need to report for FMIA or EMIR need to obtain a Legal Entity Identifier (LEI). SIX Securities Services has joined forces with The Depository Trust & Clearing Corporation (DTCC) to offer Swiss entities an easy and straight-forward way to apply for LEIs.
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