The European Trade Repository REGIS-TR has been formally recognized by the Swiss Financial Market Supervisory Authority FINMA on 1 April 2017. REGIS-TR is now officially a foreign trade repository in Switzerland, enabling market participants to meet their transaction reporting obligations under the Financial Market Infrastructure Act (FMIA).
Under the terms of the regulation, Trade repository reporting will commence 1 October 2017, with a phased in approach, depending on the counterparty classification. The Financial Market Infrastructure Act (FMIA), also known under the German name FinfraG (Finanzmarktinfrastrukturgesetz) is designed to regulate derivatives trading in Switzerland. This Act has drawn on the EU regulation EMIR and the American Dodd-Frank Act.
REGIS-TR is the pre-eminent European Trade Repository for EMIR reporting. The addition of transaction, position and valuation reporting for FinfraG further strengthens its value proposition as a one-stop shop for European regulatory reporting.
“Our formal recognition as the first and only foreign trade repository is ground-breaking for the Swiss market and the European market. We have worked together with FINMA and ESMA to validate our credentials under the existing EMIR regime, and have developed a truly unique value proposition”, said Irene Mermigidis, Managing Director at REGIS-TR. “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.”
REGIS-TR already provides regulatory reporting services to more than 1,500 market participants across Europe and has confirmed its intention to cover the Securities Finance Transaction Reporting (SFTR), expected in Q4 2018.
REGIS-TR is a central trade repository for trades and transactions across multiple product classes and jurisdictions. The trade repository is open to financial and non-financial institutions and services all of the major regulatory reporting obligations in Europe.
REGIS-TR collects and administers details of trades and transactions reported by its clients to give market participants and regulators an aggregated view of positions in compliance with the appropriate regulations.