Fully Delegated SFTR Reporting Launched For SIX’s Swiss Repo Market

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Today, the Swiss Stock Exchange (SIX) made an announcement. This announcement was in regards to its Securities Finance transaction Regulation (SFTR) reporting service that has now gone live. As it stands now, SFTR is working in synchronization with the introduction of the regulation itself.

Change In Regulations Leads To Change In Exchange

As it stands now, this new offering will benefit an excess of 170 clients, which are eager to leverage it, themselves. There’s an automation process when it comes to the Swiss Stock Exchange’s provision of Unique Transaction Identifiers or UTIs. This, in turn, creates a scale offering that futures fully delegated, SFTR-compliant reporting, as well. In order to achieve this level of delegated reporting, SIX has made a partnership with UnaVista, which is the trade repository for the London Stock Exchange Group.

SFTR mandates that a large number of transactions must first be reconciled between regulators, market participants, as well as trade repositories. This is all done with the goal of creating further efficiency and transparency across the market. It’s speculated that the impact of this will be felt by mid-sized and smaller institutions, in particular, as they rely heavily on thin margins with low scale. Through the delegation of the work to an infrastructure provider, SIX offers an efficient avenue to stay competitive within the exchange.

Partners For Success

SFTR stands as a European regulation, so SIX had enacted a partnership with a Frankfurt-based consultancy firm, Comyno. Through the successful collaboration of both parties involved, a solution was implemented on time that is both efficient and comprehensive.

Raphael Heuberger stands as the Head of Business Development Securities Finance, as well as Securities & Exchanges on SIX. Heuberger gave comment about the matter at large, proclaiming this new service launch as yet another commitment to SIX’s cross-border businesses within its market. He stated that SIX would take this rapidly changing regulatory environment on, doing so through effective partnerships, long-term strategies, and proper scaling, supporting the market through doing so.

Preparing For Uncertain Times

The world at large is in a state of strange flux and chaos, as the pandemic keeps wreaking havoc and the regulations in the EU shift and change. As it stands now, it remains to be seen what will happen, but SIX is gearing up to be ready for whatever that may be. Let’s all just hope the worst 2020 still has to offer is a market dip, and not something so much more.

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