Financial market infrastructures and foreign market participants

FINMA authorises Swiss financial market infrastructures. Under certain conditions, it recognises the activities carried out by foreign financial market infrastructures. FINMA also reviews the authorisation of foreign participants who want to be allowed access to a Swiss trading venue. 

Efficient financial markets depend on well-functioning financial market infrastructures allowing market participants to trade, clear and settle financial instruments.  

Role of financial market infrastructures

Financial market infrastructures include stock exchanges, multi-lateral trading facilities, central counterparties, central securities depositories, trade repositories and payment systems. Together they make it possible to standardise, automate and accelerate the various processes. This in turn leads to lower costs and risks associated with trading, clearing and settling financial instruments transactions. 

FINMA’s role

FINMA is responsible for licensing all Swiss financial market infrastructures and, subject to certain conditions, recognising foreign financial market infrastructures that want to allow Swiss institutions access their services. Foreign participants in Swiss trading venues (remote members) also require FINMA authorisation.