Client Reporting

Registration, onboarding and technical documents

Table of Contents

Registration

Counterparties which need to report

A counterparty's obligation to report depends on its classification. Counterparties are allowed to delegate their reporting duties to the other counterparty or to third parties. Nevertheless, even when delegated to a party already reporting transactions under EMIR, FMIA reporting duties are only fulfilled if reported data corresponds to FMIA requirements (not EMIR) and data is reported to a FINMA approved Trade Repository. FMIA differentiates between four counterparty classes including FC (+/-) and NFC (+/-), see definitions below:

Financial Counterparties (FC)

  • Large Financial Counterparties (FC+) for example are banks, securities dealers, asset managers, fund management companies.
  • Small Financial Counterparties (FC-) are FCs below an aggregated threshold of CHF 8 billion of open OTC derivative contracts on a 30-working-day rolling.

Non-Financial Counterparties (NFC)

  • Non-Financial Counterparties (NFC) are undertakings which are not an FC+ or FC- with an entry in the Swiss register of commerce. 
  • Small Non-Financial Counterparties (NFC-) are NFCs below certain thresholds of open OTC derivative contracts on a 30-working-day rolling basis:
    - CHF 1.1 billion for credit and equity derivatives and
    - CHF 3.3 billion for interest rate, FX, commodity and other derivatives (hedging transactions excluded)

Legislative Requirements – Timeline

SIX Trade Repository Ltd is compliant with FMIA regulation and is strictly designed according to their regulatory requirements. You can find the listed legal documents which form the foundation of our technical solution and offering on the FMIA website.

Legal Background

Requirements

  • From 01 October 2017
    Start reporting FC+
  • From 01 January 2018
    Start reporting FC-/NFC+
  • From 01 January 2028
    Start reporting NFC-
Overview of reporting requirements timeline for derivatives trading

Register Now

The onboarding process is in progress. In order to get started, please complete the onboarding application (select your option) and send it to our onboarding desk traderep@six-securities-services.com. If there are any questions please do not hesitate to contact us.

Onboarding

Once registered, these are the steps to getting started. When you are set up in our SIX Trade Repository system, you will need to install a browser certificate required by users for authentication purposes.

Getting Started

  1. Onboarding documentation, system functionality & demo available from SIX Trade Repository Sales/Product Management for you to discover our service offering in detail.
  2. Fill in our application form as a reporting user and send it to traderep@six-securities-services.com.
  3. Our team will set up your access to the SIX Trade Repository GUI (2 days) & FTP Gateway (within 10 days).
  4. You can test the user interface and technical setup in detail.
  5. Based on your requirements, a number of modifications are possible.
  6. Set up will be transferred into production.
  7. Report your derivative transactions under FMIA. Need assistance? Our Client Service Team will be there to help you.

Technical Documents

SIX Trade Repository is built on a leading solution provided by UnaVista. The following technical documents provide detailed information to help support you with operational requirements and workflows.

Reportable Content under FMIA Regulation

The reporting field specifications document explains what data must be reported depending to the trade type. The sample upload files further illustrate how several trades are reported correctly according to FMIA regulation.

Reporting of Workflows and Position Changes

Besides the reporting of new trades, FMIA regulation specifies requirements regarding the trade workflows as well as position management. The following documents will provide the necessary information.