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Screenshot of a breaking news alert e-mail from Q2 2017
Today, REGIS-TR, the European Trade Repository, has launched its services in the Swiss market. It had been recognized in April by the Swiss Financial Market Supervisory Authority (FINMA) as a foreign repository.
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.
FinfraG came into force on 1 January 2016. It regulates the organization and operation of financial market infrastructures, such as:
- Stock exchanges and central counterparties;
- The trading of derivatives;
- The conduct of business rules, for example, insider trading and market manipulations, 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 and the European markets,“ said Irene Mermigidis, Managing Director at REGIS-TR. “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.
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).