SWITZERLAND: DTCC Gains Approval to Provide Trade Reporting Services in Switzerland

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, recently announced that it has received regulatory approval from the Swiss Financial Market Supervisory Authority to provide trade reporting services in Switzerland via DTCC’s Global Trade Repository service (GTR) in Europe.

DTCC’s GTR in Europe is the largest European Markets Infrastructure Regulation (EMIR)-registered trade repository in terms of reports collected from its clients, according to figures from the European Securities Markets Authority (ESMA). The service has more than 3,500 clients sending over 500 million messages per month, with 46 European regulators regularly accessing its data.

Now having also obtained recognition as a Foreign Trade Repository in Switzerland, GTR will further expand its services to market participants in support of reporting obligations that fall under the Swiss Financial Markets Infrastructure Act (FMIA), also known as FinfraG. FinfraG aligns Swiss derivatives trading regulation with international standards and requires that firms with a registered office in Switzerland report their derivatives trades to an authorised or recognised trade repository.

Recently, GTR provided derivatives trade reporting services through its registered trade repositories across several jurisdictions, including the United States, Canada, Europe, Hong Kong, Singapore, Japan and Australia, and across all over-the-counter (OTC) asset classes, including credit, interest rates, equities, foreign exchange and commodities. With this announcement, DTCC’s GTR in Europe will now be able to fully support EMIR, Securities Financing Transactions Regulation (SFTR), subject to regulatory approval, and FinfraG regulations from a single platform.

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