SIX Securities Services has received regulatory approval to launch its central trade repository in Switzerland.
Approval from the Swiss Financial Market Supervisory Authority (FINMA) means clients will soon be able to start formally onboarding onto the SIX Trade Repository.
Onboarding will commence in preparation for the deadline for derivative transaction reporting under the Financial Market Infrastructure Act (FMIA).
Once special conditions are fulfilled, FINMA will then communicate the final deadline for derivative transaction reporting under FMIA.
The SIX Trade Repository has been in testing since January 2016 involving industry participants including hedge funds and traditional asset managers.
It is hoped that its establishment will increase the attractiveness and value of the Swiss financial markets.
The system is targeting a go live date of Q3 2017.
“Our focus as a provider of market infrastructure services is to manage and mitigate the burden of regulatory compliance through offering relevant and reliable services to our clients,” said Thomas Zeeb, division CEO at SIX Securities Services.
“Our trade repository for Switzerland is designed to do just this and we now look forward to working with our customers to bring them on board over the coming months. ”