SIX Securities Services says its Switzerland-based trade repository will be up and running later this year after winning approval from the Swiss Financial Market Supervisory Authority (FINMA).

The trade repository has been in a testing phase since January 2016 with over 50 major financial institutions, hedge fund managers and traditional fund managers.

Clients will soon start onboarding in preparation for the deadline for derivative transaction reporting under the Swiss Financial Market Infrastructure Act (FMIA).

The rules require firms with a registered office in Switzerland to report details of their derivatives transactions to a trade repository authorised by FINMA.

Both over-the-counter and exchange-traded derivatives across all asset classes need to be reported by T+1, as well as daily valuations for open trades.

SIX said the system is expected go live during this year’s third quarter.

LSE's UnaVista partnered with SIX in 2015 to provide the technology for the trade repository. 

“Our focus as a provider of market infrastructure services is to manage and mitigate the burden of regulatory compliance through offering relevant and reliable services to our clients,” Thomas Zeeb, division chief executive officer of SIX Securities Services.

“Our trade tepository for Switzerland is designed to do just this and we now look forward to working with our customers to bring them on board over the coming months.”