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FinFrag

SIX receives initial Finfrag trade repository approval

The SIX trade repository has received approval as a Trade Repository for the Swiss FMIA “Finfrag” rules from the regulator  FINMA. according to  the press release which can be found here.

Reporting under the rules, is to start for large financial counterparties 6 months after the final approval, which according the press release will be received after a few more conditions are met. Small financial counterparties and large non financial counterparties start 9 months after the date, with small non financial counterparties starting after 12 months.

The Finfrag rules are Switzerland’s version of EMIR and some parts of MiFID II. Unlike EMIR reporting, Finfrag is a one sided reporting regime, with the reporting party being determined by certain rules. This includes the requirement that cross border trades, if reportable, should be reported by the Swiss party. More details can be found on the “Finfrag” web site here.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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