Financial market infrastructures and foreign market participants

SFMA authorises Swiss financial market infrastructures and recognises certain foreign infrastructures. It also reviews whether foreign participants may access Swiss trading venues.

Financial market infrastructures support trading, clearing, settlement, custody and data reporting in financial markets. Because they can be important for market integrity and stability, their operators must meet demanding organisational, technical and risk-control standards.

Role of financial market infrastructures

The category can include stock exchanges, multilateral trading facilities, central counterparties, central securities depositories, trade repositories and payment systems where the law applies. These infrastructures must operate transparently, manage operational and financial risks, protect participants and support orderly market functioning.

SFMA role

For Swiss infrastructures, SFMA reviews authorisation applications and supervises compliance with the applicable law. The review considers governance, rules for participants, market surveillance, default management, outsourcing, IT resilience, settlement arrangements and cooperation with other authorities.

Foreign infrastructures may need recognition if they provide services into Switzerland or are used by Swiss participants. SFMA assesses the foreign regulatory framework, cooperation with the home authority and whether the arrangement creates acceptable risks for Swiss markets.

Foreign market participants

Foreign participants seeking access to a Swiss trading venue may require authorisation or confirmation under the relevant rules. The assessment depends on the participant type, home supervision and the activity planned in Switzerland.