SIX Selects UnaVista for Trade Repository Solution
SIX will establish a central trade repository for derivative transactions in Switzerland.
Under the Swiss Financial Market Infrastructure Act (FMIA), a derivative regulation that has been mostly modelled on the EU’s EMIR legislation, over-the-counter derivatives will have to be cleared via a central counterparty, and trades will have to be reported to a trade repository.
Derivative transactions will be sent to the SIX-controlled trade repository, which will record the details of the transactions. Six will use UnaVista for regulatory reporting, reconciliation and data, benefiting from its flexible platform.
Once the trade have been validated and checked for consistency, the information collected will be passed on to the supervisory authorities. From there it will be aggregated and made available to the public in anonymized form for risk concentrations and systemic risk identification at an early stage.
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