Switzerland trading venue equivalence

The Commission’s proposal to extend equivalence for Swiss share trading venues must now be consulted on with Member States, so that the measure can be adopted before the end of 2018.

6 Jul 2019 Switzerland bans trading of its shares outside its borders in response to the to trade on its own venues, or those it recognises as equivalent,  30 Jun 2019 Ban on trading Swiss shares in the EU took effect on Monday. Switzerland and EU are at odds over a bilateral political pact. The headquarters  9 Jul 2019 When equivalence ended more than 300 Swiss shares were EU firms must trade shares on EU venues or equivalent third country venues. 8 Jul 2019 A dispute between the EU and Switzerland, in which financial a UK share trading venue, suggests that stock trading could become the post-Brexit UK would be seen as “equivalent” for trading in stocks and shares. But the  25 Jun 2019 Swiss exchange SIX says it is 'probable' the EU will withdraw equivalence — in a dispute with stark relevance for Brexit. The trades take place on the LSE's XLOM trading venue. Subscribe or Sign In to continue reading  26 Jun 2019 In the event that the EU equivalence decision for Swiss trading venues is not extended beyond its current expiration date of 30 June 2019, it is  9 Jul 2019 Equivalence with MiFID II after Brexit for UK firms is not guaranteed. notice that Swiss stocks, listed on MiFID II compliant trading venues, 

25 Jun 2019 Swiss exchange SIX says it is 'probable' the EU will withdraw equivalence — in a dispute with stark relevance for Brexit. The trades take place on the LSE's XLOM trading venue. Subscribe or Sign In to continue reading 

There is no silver bullet for maintaining cross-border trading if the UK leaves the equivalence to EU 27 trading venues, Switzerland (on a temporary basis),. 30 Nov 2018 equivalent third-country trading venue is therefore of key importance for non-EU stock exchanges such as the SIX Swiss Exchange. ("SIX") or  infrastructures (including trading venues) and foreign participants. List of SIX Swiss. Exchange. AG. 9Street Capital Markets B.V.. Amsterdam. ABN AMRO  30 Dec 2017 the EU Commission formally decided to recognize the equivalence of the Swiss legal and supervisory framework for trading venues with that  7 Jul 2019 their trading in Swiss shares from London and EU venues to Swiss venues and Switzerland over granting "equivalence" to Swiss venues. 1 Jul 2019 Swiss bourse SIX will enjoy higher volumes. Meanwhile European investors will have fewer places to trade. The European Commission stripped Switzerland's stock markets of EU regulatory equivalence as of July 1, of the trading of Swiss blue-chip stocks was carried out in EU-based trading venues.

5 Sep 2019 EU trading venues (Swiss Federal Department of Finance Guidance can be found here) in response to the EU removal of equivalence for the 

Switzerland at Swiss trading venues and thereby significantly adversely affects the trading in such equi-ty securities at Swiss trading venues" (article 2 (1) of the Ordinance). Following the extension of the temporary equivalence recognition assessments in December 2018, FINMA recognized EU trading venues under the Ordinance. If the trading obligation cannot be fulfilled by trading on a Swiss trading venue (because Switzerland is not considered equivalent), EU investment firms have to switch to other trading venues which are recognized for the purpose of the share trading obligation. Likewise, in the UK onshoring of the MiFID II legislation, European venues will be third country trading venues. Absent any further decision (either an equivalence decision or an overarching Brexit deal) this means that where shares are dual-listed, a UK firm would be required to execute on a UK venue (such as LSE)

7 Jul 2019 their trading in Swiss shares from London and EU venues to Swiss venues and Switzerland over granting "equivalence" to Swiss venues.

equivalence status -- the regulatory framework that allowed EU traders to trade on stock exchanges in Switzerland -- became a bargaining chip in a broader political flight. It officially expired on In particular, it outlines the impact of the Ordinance on the Recognition of Foreign Trading Venues for the Trading of Equity Securities of Companies with a Registered Office in Switzerland of 30 November 2018 (the Ordinance) on trading of shares in Swiss issuers in the EU and Switzerland in such event. Firms must prepare for a lack of equivalence of trading venues between the UK and the European Union being used as a political tool, warned Kay Swinburne former MEP and current vice chair of financial services at KPMG. Brussels let the “equivalence” status granted to Switzerland and its stock exchange expire following stalled negotiations over a broader economic agreement. Switzerland retaliated with its own ban In addition, absent stock exchange equivalence, equity securities issued by European issuers can no longer be traded by EU market participants on Swiss stock exchanges and trading venues, which could negatively affect trading volumes in these equity securities on such venues in Switzerland. Switzerland at Swiss trading venues and thereby significantly adversely affects the trading in such equi-ty securities at Swiss trading venues" (article 2 (1) of the Ordinance). Following the extension of the temporary equivalence recognition assessments in December 2018, FINMA recognized EU trading venues under the Ordinance. If the trading obligation cannot be fulfilled by trading on a Swiss trading venue (because Switzerland is not considered equivalent), EU investment firms have to switch to other trading venues which are recognized for the purpose of the share trading obligation.

Firms must prepare for a lack of equivalence of trading venues between the UK and the European Union being used as a political tool, warned Kay Swinburne former MEP and current vice chair of financial services at KPMG.

6 Jan 2020 Following the removal of Swiss equivalence in the European Union in decision , trading in Swiss stocks moved from the EU-based venues  25 Sep 2019 This means EU investment firms can trade shares on Swiss trading venues only if the European Commission recognises the equivalence of the  8 Aug 2019 The loss of share trading equivalence does not mean that Swiss firms must trade shares on an EU or an equivalent third-country venue and 

1 Jul 2019 Swiss bourse SIX will enjoy higher volumes. Meanwhile European investors will have fewer places to trade. The European Commission stripped Switzerland's stock markets of EU regulatory equivalence as of July 1, of the trading of Swiss blue-chip stocks was carried out in EU-based trading venues. 15/u-s-swiss-stock-trading-said-likely-to-gain-mifid-equivalence EU and CFTC: Mutual Recognition of Derivatives Trading Venues (Dec. 5,. 2017) [hereinafter  26 Mar 2019 (iii) a third country trading venue assessed as equivalent. a number of third country venues in key jurisdictions such as USA and Switzerland  This obligation covers all shares admitted to trading on a regulated market or traded on a trading venue in the EU, which includes most of the equity securities traded on SIX and means that Switzerland needs equivalent third-country status under MiFID II / MiFIR in order for EU trading participants to be allowed to continue accessing the Swiss market locally. Swiss Equivalence The Swiss Federal Department of Finance (FDF) published a notice on 24 June 2019 that in the event that the EU equivalence decision for Swiss trading venues is not extended beyond its current expiration date of 30 June 2019, it will remove the recognition that allows EU trading venues to offer trading in certain Swiss equity securities. The “equivalence” permit let Swiss and EU investors freely trade across each others’ borders. From Monday, Swiss shares can only be traded on the Zurich exchange, via a recognised broker. Around 30