REGIS-TR have announced in this press release that they intend to become an authorised trade repository under the Swiss FMIA reporting rules (“Finfrag”). Six announced their intention to act as a repository a few months ago (see here), utilising the technology of Unavista.
Finfrag is effectively the Swiss version of EMIR, with the rules being finalised last November and coming into force in January, with reporting due to start in phases over the coming months. The reporting element follows a “one sided” model, where one counterparty to a trade reports for both parties. The counterparty that must report is determined by a combination of status and the direction of the trade. The model is in contrast to EMIR and REMIT, where both parties to a trade must report. The Dodd Frank Act also follows a one sided approach.
The announcement adds to the services offered by REGIS-TR who also act as an EMIR Trade Repository, REMIT RRM and as a mechanism to report physical energy trades under the Swiss Elcom rules.