This new FMI license shows that we hold up to the high standards set by the FMIA, and we will continue to serve our clients diligently in this highly regulated market.
On 19 June 2015, the Swiss parliament enacted the Swiss Financial Market Infrastructure Act (FMIA). With its entry into force, a separate statutory basis for FMIs was created which requires central counterparties (CCPs), central securities depositories (CSDs) and exchanges to be licensed as FMIs. The FMIA mandates strict rules in order to grant such a license.
The banking license previously in force is no longer necessary and has been returned with immediate effect. Nevertheless, SIX x-clear remains subject to supervision by FINMA and the Swiss National Bank (SNB) for services of systemic importance.
What the FMI license means for SIX x-clear’s service offering
Apart from segregation which directly affects SIX x-clear’s clients (Art. 54 FMIA), the FMIA does not change anything with regard to our service offering. Regarding segregation in particular, we have made all the necessary changes to enable our clients to fulfil their obligations under the FMIA.