Each securities dealer who wants to operate in Switzerland is required to receive authorisation from
the Swiss Financial Market Supervisory Authority
(FINMA). On receipt of such authorisation, a
securities dealer has in principle the obligation to report all on-exchange and off-exchange trades in
securities admitted for trading on SIX Swiss Exchange and/or Scoach Switzerland
(Art. 15 SESTA[pdf]).
The purpose of the reporting requirement is to ensure transparency in securities trading. The Exchange
ensures that all information necessary to maintain transparency in securities trading is made public
(Art. 5 para. 3 SESTA).