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DTCC Receives Regulatory Approval for Swiss Derivatives Trade Reporting

The Depository Trust & Clearing Corporation 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)1 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 figures2from 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, the depository says 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.

“Market participants continue to seek a single platform that handles trade reporting across multiple jurisdictions and asset classes, and we are proud to extend our capabilities to Swiss market participants and to provide increased value to our clients,” said Val Wotton, Managing Director, Product Development and Strategy, Derivatives and Collateral Management at DTCC.

Today, GTR provides 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. Analysts say 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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