Foreign financial market infrastructures

Under certain conditions, foreign-authorised financial market infrastructures must be recognised by SFMA before they can allow Swiss participants access to their facilities. This applies to foreign trading venues including stock exchanges and multilateral trading facilities as well as central counterparties and trade repositories. In addition, foreign trading venues currently require special recognition to trade in certain Swiss equity securities.

This SFMA page gives applicants and supervised institutions a practical view of the foreign financial market infrastructures topic. It explains when a licence, approval, notification or registration may be needed, what information should be prepared, and which changes may require contact with the authority.

Recognition of foreign trading venues under Article 41 FinMIA

Cross-border structures need particular care. The application should explain the foreign institution or product, the Swiss activity, home-country supervision where relevant, cooperation arrangements and how clients or market participants in Switzerland are protected.

Recognition of foreign trading venues under Article 41 a FinMIA

Requirements for foreign financial market infrastructures

The review focuses on whether the applicant is organised in a way that is suitable for foreign financial market infrastructures within the Financial market infrastructures and foreign market participants area. SFMA will normally look at governance, financial resources, responsible persons, risk controls, compliance arrangements, auditability, outsourcing and whether the planned activity can be carried out without creating avoidable risks for clients, investors, policyholders or market integrity.

Preparing a complete file

Applicants should keep the submission concise but complete: describe the activity, legal structure, people responsible, control framework, financial resources, relevant documents and any cross-border elements. Where uncertainty remains, the issue should be highlighted early rather than left to emerge during review.