Today REGIS-TR, The European Trade Repository, has launched its services in the Switzerland market, after the authorisation, by the national Financial Market Supervisory Authority (FINMA), as a foreign trade repository, granted in April 2017.
This service will allow participants to comply with their obligation to report under the Financial Market Infrastructure Act (FMIA), also known under the German name FinfraG (Finanzmarktinfrastrukturgesetz). The reporting has been developed in a phased-in approach, depending on the classification of the participants, so from 1 October a number of participants are already obliged to comply.
FinfraG came into force on 1 January 2016 and regulates:
- the organization and the operation of financial market infrastructures, for example, stock exchanges and central counterparties;
- the trading of derivatives;
- the conduct of business rules, for example, insider trading and market manipulation, shareholding disclosures and public takeovers offers
This regulation aims to increase transparency in the Swiss OTC derivatives market and to mitigate systemic, counterparty and operational risks. The objective is to align the Swiss regulatory framework with international standards, in particular with the EU regulations (MiFID, MiFIR, EMIR and CSDR) with a view to preserving Switzerland's global competitiveness, enhancing market integrity and oversight.
“We are now the first and only foreign trade repository in Switzerland. This is an important step forward for the Swiss market and the European market. By using REGIS-TR for both EMIR and FinfraG reporting, clients will benefit from our strong expertise in the regulatory reporting environment, and enjoy operational efficiencies of scale, including one single relationship to manage, the same inbound and outbound connectivity channels and a transparent and easily understandable fee schedule” said Irene Mermigidis, Managing Director at REGIS-TR.
REGIS-TR already provides regulatory reporting services to more than 1,500 market participants across Europe and has confirmed its intention to cover the Securities Finance Transaction Reporting (SFTR).
REGIS-TR is a central trade repository for trades and transactions across multiple product classes and jurisdictions. It is open to financial and non-financial institutions and covers all of the major regulatory reporting obligations in Europe.
REGIS-TR collects and administers details of trades and transactions reported by its clients to give market participants and authorities an aggregated view of positions in compliance with the applicable regulations.