DTCC gets approved for activities in Switzerland
The Depository Trust and Clearing Corporation (DTCC), the post-trade market infrastructure for financial services, is now able to provide trade reporting services in Switzerland.
The firm has received regulatory approval from the Swiss Financial Market Supervisory Authority, and will offer services via DTCC’s Global Trade Repository service (GTR) in Europe. DTCC has also been recognised as a foreign trade repository in the country.
GTR in Europe is registered through the European Markets Infrastructure Regulation (EMIR), and the largest 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 accessing its data.
As a foreign trade repository, GTR will 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.
GTR provides derivatives trade reporting services through its registered trade repositories across several jurisdictions, including the US, Canada, Europe, Hong Kong, Singapore, Japan and Australia, and across all over-the-counter (OTC) asset classes.
DTCC’s GTR in Europe will now be able to support EMIR, Securities Financing Transactions Regulation (SFTR), subject to regulatory approval, and FinfraG regulations from a single platform.
Recently, FinTech Futures covered DTCC’s ventures into blockchain.