Trade Repository: Get All the Details
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 has launched a central trade repository for the reporting of OTC and exchange traded derivative (ETD) transactions under FMIA.
Counterparties will have to start reporting open OTC transactions on 1 October 2017 (CCP or FC+), 1 January 2018 (FC- or NFC) or 1 January 2019 (other constellations) depending on their FMIA classification.
This info center provides information on client reporting, registration, regulator access as well as statistics.
This section provides documents outlining key information on registration, onboarding as well as technical documents – everything you need to know about SIX Trade Repository.
Counterparties which need to report
A counterparty's obligation to report depends on its classification. Counterparties are allowed to delegate their reporting duties to the other counterparty or to third parties. Nevertheless, even when delegated to a party already reporting transactions under EMIR, FMIA reporting duties are only fulfilled if reported data corresponds to FMIA requirements (not EMIR) and data is reported to a FINMA approved Trade Repository. FMIA differentiates between four counterparty classes including FC (+/-) and NFC (+/-), see definitions below:
Financial Counterparties (FC)
- Large Financial Counterparties (FC+) for example are banks, securities dealers, asset managers, fund management companies.
- Small Financial Counterparties (FC-) are FCs below an aggregated threshold of CHF 8 billion of open OTC derivative contracts on a 30-working-day rolling.
Non-Financial Counterparties (NFC)
- Non-Financial Counterparties (NFC) are undertakings which are not an FC+ or FC- with an entry in the Swiss register of commerce.
- Small Non-Financial Counterparties (NFC-) are NFCs below certain thresholds of open OTC derivative contracts on a 30-working-day rolling basis:
- CHF 1.1 billion for credit and equity derivatives and
- CHF 3.3 billion for interest rate, FX, commodity and other derivatives (hedging transactions excluded)
Legislative Requirements – Timeline
SIX Trade Repository Ltd is compliant with FMIA regulation and is strictly designed according to their regulatory requirements. You can find the listed legal documents which form the foundation of our technical solution and offering on the FMIA website.
- From 01 October 2017
Start reporting FC+
- From 01 January 2018
Start reporting FC-/NFC+
- From 01 January 2024
Start reporting NFC-
The onboarding process is in progress. In order to get started, please complete the onboarding application (select your option) and send it to our onboarding desk email@example.com. If there are any questions please do not hesitate to contact us.
SIX Trade Repository provides access to the data contained in its trade repository to authorized domestic regulators in accordance with article 77 of FMIA and article 62 of FinfraV. The data will be made available from 1, October 2017 after the first reporting deadline, by email.
SIX Trade Repository publishes aggregated public statistics on a weekly basis.
If you can't find the answers to your question, please don't hesitate to contact one of our experts.