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.
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 SIX Securities Services will continue its close collaboration with Swiss-domiciled reporting users to prepare for the next milestone in the ETD reporting process. Furthermore, SIX Securities Services will support small non-financial counterparties (NFC-) to fulfill their reporting obligations which are due by 1 January 2019.
SIX Securities Services is one of Europe’s best performing post-trade service providers. SIX Securities Services offers comprehensive clearing, settlement, custody, collateral management and repo trading services for Switzerland and for clients in over 50 markets around the world. In addition, as a key part of the Swiss Financial Market infrastructure, SIX Securities Services operates the platform for the electronic processing of land registration and mortgage transactions, the trading platform for the money market transactions of the Swiss National Bank and the platform for the settlement of interbank payments. Furthermore, SIX Securities Services offers fiduciary management of registered mortgage notes, as well as e-bills and direct debits.
SIX operates the infrastructure underpinning the Swiss financial sector and offers a comprehensive range of services around the world in the fields of securities trading and settlement, financial information and payment transactions. The company is owned by its users (approximately 130 banks of various orientation and size). Its workforce of over 4,000 employees and presence in 25 countries throughout the world generated operating income of CHF 1.8 billion and a Group net profit of CHF 221.1 million in 2016.