Six has announced its intention to establish a trade repository for derivative transactions, in association with a number of investment bank customers.
The repository will record trades, in line with the Swiss Financial Market Infrastructure Act, which enters into force late 2015 or early 2016, and aims to increase transparency in the over-the-counter derivatives market. The move is in line with similar provisions in the rest of Europe, which mandated reporting of trades to repositories in February 2014. Other initiatives have been in place through the Dodd-Frank Act in the US, and various moves are underway in Asian nations, in line with Group-of-20 mandates from 2008.
The information will be collected and reported to regulators after validation, and made available to the public in an anonymized form.
While at Sibos Toronto, James shares some interviews covering topics on blockchain, fintechs and cybersecurity.Subscribe to Weekly Wrap emails