In Switzerland, the Financial Markets Infrastructure Act (FMIA), also known as “FinfraG”, came into force in early 2016. It will align the derivatives trading regulation with the international standards, and address key changes in the infrastructures of the financial markets, such as trading platforms and central clearing counterparties. Part of the Swiss Financial Market Infrastructure Act contained a requirement for firms with their registered office in Switzerland to report their derivatives trades to a trade repository.
GTR has submitted an application to become a Foreign Trade Repository (Art 80 FMIA) and, subject to regulatory approval will be going live in Q3 2018.
- Single interface for Global Regulatory Reporting.
- All Asset Classes supported for both OTC and ETD – Credit, Rates, Equities, FX and Commodities.
- Trade submissions can be accepted directly from firms or through a third-party services provider. Several formats are supported, including CSV and sFTP.
- Multiple delegation methods supported for both Counterparty and third party delegation.
- Rules-based Regulator access to positions.
- Significantly reduces cost burden for market participants to comply – build to one hub and data can be disseminated to appropriate regulatory authorities.
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