Game, set and match: Swiss National Council.

After intensive discussions during the past few days it had been finally decided that trades between NFC-s will not fall under the reporting obligation.

The only residual reporting obligation for Swiss corporates will concern trades concluded with Non-Swiss banks that will very likely not report under FinfraG.

EMIRate clients can be sure that we will offer a possibility to report the a.m. trades to a trade repository.

After yesterday's decision of the Swiss National Council to - again - exclude trades between NFCs from the reporting obligation, the Swiss Council of States will discuss the matter again today. This will be interesting because summer is getting closer  and a final decision should be taken soon and definitely before summer.

REGIS-TR have published a migration guide, explaining the necessary steps if a market participant considers the option of migrating from any other repository to REGIS-TR.

We support this process by helping the participant to upload still active trades with just little effort.

Due to different opinions and interpretations in some of the EU Member States ESMA has released guidelines to clarify e.g. the reporting obligations regarding commodity trades. One of the key statements of this guideline:

'9. A Regulation that is directly applicable in all the Member States cannot be applied differently as a result of different national interpretations of definitions included in a Directive. This is contrary to the spirit and objectives of the Regulation.'

This statement also indirectly emphasizes the fact, that there should not be different interpretations regarding other derivatives (e.g. FX forwards and swaps) as well.

The guideline will come into force on August 7, 2015 and applies to the NCAs (National Competent Authorities).