Regulatory Changes

The aim of this microsite is to provide information about SIX Swiss Exchange’s progress on the implementation of the Financial Market Infrastructure Act (FMIA) and to outline our position on key topics.

This site will be updated on a regular basis to keep all interested parties up-to-date. SIX's dedicated expert team is available to answer any inquiries regarding SIX Swiss Exchange's progress on the implementation.
For questions not covered in the Q&A or further requests please use the email contact provided on this site.

Swiss Legislation

The Financial Markets Infrastructure Act (FMIA), also known as Finanzmarktinfrastrukturgesetz (FinfraG), entered into force on 1 January 2016. The new law contains supervisory requirements for the operation of financial market infrastructures, including stock exchanges, multilateral trading facilities, central counterparties and central securities depositories. In addition, it contains all of the measures that apply in connection with trading in securities and derivatives for all financial market participants, particularly the new derivatives trading rules, which are likewise consistent with  international standards.

FMIA requires all authorised financial market infrastructures to submit a new request for authorisation limited to examination of the new requirements.


FMIA/FinfraG

FMIO/FinfraV

FINMA Aufsichtsmitteilung/Guidance

MiFID II and MiFIR

FMIO-FINMA/FinfraV-FINMA


Company / Service Current Authorisation Future License       
SIX Swiss Exchange Exchange Authorisation as Stock Exchange
SIX Structured Products Exchange Exchange Current authorisation will cease once the exchange is merged into SIX Swiss Exchange
SIX Corporate Bonds Exchange-like organisation Multilateral Trading Facility (MTF), as defined by FMIA
Bilateral Trading Platform XBTR Operated by SIX Structured Products Exchange as a bilateral trading platform Ongoing consultation to the draft proposal of FINMA circular 2018/xx “Organised trading facilities" (completion and publication of final FINMA circular to be awaited)

Details of implementation are scheduled for 2017.

European Legislation

SIX Swiss Exchange, as a Swiss company, is not directly regulated by European legislators, however European laws do impact a large number of our participants. SIX Swiss Exchange may introduce European provisions as long as they are complimentary to its business and would not be in breach of domestic law.

Equivalence
We recognize the necessity to achieve equivalence for the purpose of EU access and are actively working on this.