Having received approval from the Financial Market Supervisory Authority (FINMA) as an official foreign trade repository back in April, the European Trade Repository REGIS-TR has launched its central trade repository in Switzerland.
The Luxembourg-based company’s service enables market participants to meet their transaction reporting obligations under the Financial Market Infrastructure Act (FMIA), mitigating the burden of regulatory compliance through offering relevant and reliable solutions to its clients.
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Also known under the German name FinfraG, the new regulatory framework has been in testing since January 2016 with participation from several major financial institutions, hedge fund managers and traditional fund managers.
Under the terms of the regulation, the receipt of reports as regards derivatives transactions commenced as of this month, with a phased in approach, depending on the counterparty classification. FinfraG is designed to regulate derivatives trading in Switzerland as the act has drawn on the EU’s EMIR regulation and the US’ Dodd-Frank Act.
REGIS-TR is also recognized as a registered European Trade Repository for EMIR reporting, thus extending its coverage to include the Swiss rules further strengthens its position as a one-stop shop for European regulatory reporting.
Commenting on this, Irene Mermigidis, Managing Director at REGIS-TR, said: “We are now the first and only foreign trade repository in Switzerland. This is an important step forward for the Swiss market and the European market. By using REGIS-TR for both EMIR and FinfraG reporting, clients will benefit from our strong expertise in the regulatory reporting environment, and enjoy operational efficiencies of scale, including one single relationship to manage, the same inbound and outbound connectivity channels and a transparent and easily understandable fee schedule.”