Financial market infrastructures and foreign market participants

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aria-haspopup="true"> <h2 class="main-list-link js-main-list-link state-active">Authorisation</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <div class="flyout-column-left-title">Authorised or registered institutions, persons and products</div> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_bewilligung.png?h=64&iar=0&w=64&hash=C59AF4AB210953925B44A1CBEDE5FD8F" alt="Authorisation icon" width="64" height="64" /> </div> <div class="flyout-column-text">These companies, persons and products have a licence and are permitted to operate on the financial market.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Getting authorised</span> <ul 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and foreign market participants" role="menuitem">Financial market infrastructures and foreign market participants</a> </li> <li role="presentation"> <a href="/en/authorisation/rating-agencies/" title="Rating agencies" role="menuitem">Rating agencies</a> </li> <li role="presentation"> <a href="/en/authorisation/registrierungsstelle/" title="Registration body" role="menuitem">Registration body</a> </li> <li role="presentation"> <a href="/en/authorisation/ombudsmen-for-financial-service-providers/" title="Ombudsmen for financial service providers" role="menuitem">Ombudsmen for financial service providers</a> </li> <li role="presentation"> <a href="/en/authorisation/pruefstelle-fuer-prospekte/" title="Reviewing body for prospectuses" role="menuitem">Reviewing body for prospectuses</a> </li> <li role="presentation"> <a href="/en/authorisation/fintech/" title="FinTech" role="menuitem">FinTech</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" href="/en/finma-public/authorised-institutions-individuals-and-products/">Authorised or registered institutions, persons and products</a> <div class="flyout-column-text">These companies, persons and products have a licence and are permitted to operate on the financial market.</div> <a class="flyout-column-link" href="/en/finma-public/warnungen/">Warning list</a> <div class="flyout-column-text">These companies are not authorised and may be engaging in financial market activity without the requisite licence.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">Supervision</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/supervision/our-approach-to-supervision/">Our approach to supervision</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_ueberwachung.png?h=64&iar=0&w=64&hash=EBB252A54B6BD7EA0CDB0475CA196855" alt="Supervision icon" width="64" height="64" /> </div> <div class="flyout-column-text">FINMA’s core task is prudential supervision of the financial market. It also uses private audit companies to extend its reach.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Information about supervision of…</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/supervision/our-approach-to-supervision/" title="Our approach to supervision" role="menuitem">Our approach to supervision</a> </li> <li role="presentation"> <a href="/en/supervision/cross-sector-issues/" title="Cross-sector issues" role="menuitem">Cross-sector issues</a> </li> <li role="presentation"> <a href="/en/supervision/banks-and-securities-firms/" title="Banks and securities firms" role="menuitem">Banks and securities firms</a> </li> <li role="presentation"> <a href="/en/supervision/insurers/" title="Insurers" role="menuitem">Insurers</a> </li> <li role="presentation"> <a href="/en/supervision/versicherungsvermittler/" title="Insurance intermediaries" role="menuitem">Insurance intermediaries</a> </li> <li role="presentation"> <a href="/en/supervision/asset-management/" title="Asset Management" role="menuitem">Asset Management</a> </li> <li role="presentation"> <a href="/en/supervision/portfolio-managers-and-trustees/" title="Portfolio managers and trustees" role="menuitem">Portfolio managers and trustees</a> </li> <li role="presentation"> <a href="/en/supervision/supervisory-organisations/" title="Supervisory organisations" role="menuitem">Supervisory organisations</a> </li> <li role="presentation"> <a href="/en/supervision/self-regulatory-organisations-sros/" title="Self-regulatory organisations (SROs)" role="menuitem">Self-regulatory organisations (SROs)</a> </li> <li role="presentation"> <a href="/en/supervision/financial-market-infrastructures/" title="Financial market infrastructures" role="menuitem">Financial market infrastructures</a> </li> <li role="presentation"> <a href="/en/supervision/central-mortgage-bond-institutions/" title="Central mortgage bond institutions" role="menuitem">Central mortgage bond institutions</a> </li> <li role="presentation"> <a href="/en/supervision/fintech/" title="FinTech" role="menuitem">FinTech</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" href="/en/supervision/banks-and-securities-firms/categorisation/">Risk categories in the banking sector</a> <div class="flyout-column-text">FINMA assigns banks to different risk categories.</div> <a class="flyout-column-link" href="/en/supervision/insurers/categorisation/">Risk categories in the insurance sector</a> <div class="flyout-column-text">FINMA assigns insurers to different risk categories.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">Enforcement</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/enforcement/all-about-enforcement/">Enforcing supervisory law</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_durchsetzung.png?h=64&iar=0&w=64&hash=DD5B067C17728DE511F0D115D366BC67" alt="Enforcement icon" width="64" height="64" /> </div> <div class="flyout-column-text"><p style="margin: 0cm 0cm 0pt;">Where necessary, FINMA enforces supervisory law using coercive measures under administrative law. Find out about its powers, approach and measures for dealing with violations of the law here.</p></div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Enforcement topics</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/enforcement/all-about-enforcement/" title="All about Enforcement" role="menuitem">All about Enforcement</a> </li> <li role="presentation"> <a href="/en/enforcement/licence-holders/" title="Licence holders" role="menuitem">Licence holders</a> </li> <li role="presentation"> <a href="/en/enforcement/unauthorised-activities/" title="Unauthorised activities" role="menuitem">Unauthorised activities</a> </li> <li role="presentation"> <a href="/en/enforcement/market-supervision/" title="Market supervision" role="menuitem">Market supervision</a> </li> <li role="presentation"> <a href="/en/enforcement/enforcement-tools/" title="Enforcement tools" role="menuitem">Enforcement tools</a> </li> <li role="presentation"> <a href="/en/enforcement/database-for-assessing-fitness-and-propriety-requirements/" title="Database for assessing fitness and propriety requirements" role="menuitem">Database for assessing fitness and propriety requirements</a> </li> <li role="presentation"> <a href="/en/enforcement/recovery-and-resolution/" title="Recovery and resolution" role="menuitem">Recovery and resolution</a> </li> <li role="presentation"> <a href="/en/enforcement/national-and-international-cooperation/" title="National and international cooperation" role="menuitem">National and international cooperation</a> </li> <li role="presentation"> <a href="/en/enforcement/parties-rights-and-obligations/" title="Rights and obligations" role="menuitem">Rights and obligations</a> </li> <li role="presentation"> <a href="/en/enforcement/case-reports-and-court-decisions/" title="Case reports and court decisions" role="menuitem">Case reports and court decisions</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" href="/en/documentation/finma-publications/kennzahlen-und-statistiken/statistiken/enforcement/">Enforcement report</a> <div class="flyout-column-text">The enforcement report contains anonymised case studies that offer a more in-depth insight into FINMA’s enforcement activities.</div> <a class="flyout-column-link" href="/en/finma-public/warnungen/">Warning list</a> <div class="flyout-column-text">This is a list of companies and individuals that may be operating without the requisite FINMA authorisation.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">Documentation</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/documentation/finma-s-legal-basis/">FINMA’s legal basis</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_dokumentation.png?h=64&iar=0&w=64&hash=42C3971FE452D2643DEB60C25197EEC0" alt="Documentation icon" width="64" height="64" /> </div> <div class="flyout-column-text">The financial market laws and the Financial Market Supervision Act provide the basis for FINMA’s activities. FINMA reports in detail on the fulfilment of its aims.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Information on…</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/documentation/finma-s-legal-basis/" title="Legal basis for FINMA’s activities" role="menuitem">Legal basis for FINMA’s activities</a> </li> <li role="presentation"> <a href="/en/documentation/legal-basis/" title="Legal basis" role="menuitem">Legal basis</a> </li> <li role="presentation"> <a href="/en/documentation/circulars/" title="Circulars" role="menuitem">Circulars</a> </li> <li role="presentation"> <a href="/en/documentation/consultations/" title="Consultations and evaluations" role="menuitem">Consultations and evaluations</a> </li> <li role="presentation"> <a href="/en/documentation/finma-s-position/" title="FINMA position statements" role="menuitem">FINMA position statements</a> </li> <li role="presentation"> <a href="/en/documentation/finma-guidance/" title="FINMA Guidance" role="menuitem">FINMA Guidance</a> </li> <li role="presentation"> <a href="/en/documentation/finma-publications/" title="FINMA publications" role="menuitem">FINMA publications</a> </li> <li role="presentation"> <a href="/en/documentation/finma-videos/" title="FINMA videos" role="menuitem">FINMA videos</a> </li> <li role="presentation"> <a href="/en/documentation/dossier/" title="Dossiers" role="menuitem">Dossiers</a> </li> <li role="presentation"> <a href="/en/documentation/enforcement-reporting/" title="Enforcement reporting" role="menuitem">Enforcement reporting</a> </li> <li role="presentation"> <a href="/en/documentation/insurance-law-rulings/" title="Insurance law rulings" role="menuitem">Insurance law rulings</a> </li> <li role="presentation"> <a href="/en/documentation/self-regulation/" title="Self-regulation" role="menuitem">Self-regulation</a> </li> <li 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</li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">FINMA</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/finma/finma-an-overview/">FINMA – an overview</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_behoerde.png?h=64&iar=0&w=64&hash=ED57AB81A75632D24584A132CD7D6DE6" alt="FINMA icon" width="64" height="64" /> </div> <div class="flyout-column-text">As an independent supervisor of the Swiss financial market, FINMA is institutionally, functionally and financially independent.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title"></span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/finma/finma-an-overview/" title="FINMA – an overview " role="menuitem">FINMA – an overview </a> </li> <li role="presentation"> <a href="/en/finma/supervisory-objectives/" title="Supervisory objectives" role="menuitem">Supervisory objectives</a> </li> <li role="presentation"> <a href="/en/finma/organisation/" title="Organisation" role="menuitem">Organisation</a> </li> <li role="presentation"> <a href="/en/finma/working-at-finma/" title="Working at FINMA" role="menuitem">Working at FINMA</a> </li> <li role="presentation"> <a href="/en/finma/activities/" title="Activities" role="menuitem">Activities</a> </li> <li role="presentation"> <a href="/en/finma/auditing/" title="Auditing" role="menuitem">Auditing</a> </li> <li role="presentation"> <a href="/en/finma/finma-mandataries/" title="FINMA mandataries" role="menuitem">FINMA mandataries</a> </li> <li role="presentation"> <a href="/en/finma/national-cooperation/" title="National cooperation" role="menuitem">National cooperation</a> </li> <li role="presentation"> <a href="/en/finma/international-activities/" title="International activities" role="menuitem">International activities</a> </li> <li role="presentation"> <a href="/en/finma/digital-exchange/" title="Digital exchange" role="menuitem">Digital exchange</a> </li> <li role="presentation"> <a href="/en/finma/making-a-report/" title="Making a report" role="menuitem">Making a report</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" target="_blank" rel="noopener noreferrer" href="/~/media/finma/dokumente/dokumentencenter/myfinma/6finmapublic/finma-ein-portraet.pdf?sc_lang=en&hash=0CADEB898C65A2CEAF6A410126A5190A">FINMA: A Portrait</a> <div class="flyout-column-text"><p style="margin: 0cm 0cm 0pt;"><span>Supervision of the financial sector calls for a strong, competent, independent regulator. This brochure illustrates how FINMA meets these criteria.</span></p></div> <a class="flyout-column-link" href="/en/documentation/finma-publications/annual-reports--and-financial-statements/">Annual Report</a> <div class="flyout-column-text">FINMA accounts for its supervisory activities in its annual report and annual financial statements.</div> </div> </div> </li> </ul> </li> <li class="finma-public-item" style="display: block;" role="presentation" aria-haspopup="true"> <a class="e-btn btn-finma-public" role="menuitem" title="FINMA Public" href="/en/finma-public/">FINMA Public</a> </li> </ul> </div> </nav> </div> </header> <div class="l-body l-sub"> <div class="l-background"> </div> <div class="l-content-wrapper l-wrap"> <div class="g-row"> <div class="l-bread"> <div class="mod-breadcrumb"> <ul class="breadcrumb-list"> <li><a href="/en/">Home </a></li> <li><a href="/en/authorisation/">Authorisation </a></li> <li><a href="/en/authorisation/financial-market-infrastructures-and-foreign-market-participants/">Financial market infrastructures and foreign market participants </a></li> </ul> </div> </div> <div class="g-cell s-flex"> <div class="l-content l-right--left"> <div class="l-main"> <div class="e-text text-heading-underline"> <h1>Financial market infrastructures and foreign market participants</h1> </div> <div class="mod mod-content"> <div class="e-text"> <div class="text-lead-intro"> 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. </div> </div> </div> <div class="mod mod-content"> <div class="e-text"> <div class="text-rte--infobox g-row"> <div class="text-rte g-cell s-flex"> <div class="text-infobox"><ul> <li > <a class="e-text text-link-external bold" target="_blank" rel="noopener noreferrer" href="https://www.admin.ch/opc/en/classified-compilation/20141779/index.html">Financial Market Infrastructure Act (FinMIA) </a> </li> <li > <a class="e-text text-link-external bold" target="_blank" rel="noopener noreferrer" href="http://www.admin.ch/opc/en/classified-compilation/20021117/index.html">Federal Act on the Swiss National Bank (NBA)</a> </li> <li > <a class="e-text text-link-external bold" target="_blank" rel="noopener noreferrer" href="http://www.admin.ch/opc/de/classified-compilation/19340083/index.html">Banking Act (BA)</a> </li> </ul> </div> <div class="text-page"> <p>Efficient financial markets depend on well-functioning financial market infrastructures allowing market participants to trade, clear and settle financial instruments.  </p><h2>Role of financial market infrastructures</h2><p>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. </p><h2>FINMA’s role</h2><p>FINMA is responsible for licensing all <a href="/en/authorisation/financial-market-infrastructures-and-foreign-market-participants/swiss-financial-market-infrastructures/">Swiss financial market infrastructures</a> and, subject to certain conditions, recognising <a href="/en/authorisation/financial-market-infrastructures-and-foreign-market-participants/foreign-financial-market-infrastructures/">foreign financial market infrastructures</a> that want to allow Swiss institutions access their services. Foreign participants in Swiss trading venues (<a href="/en/authorisation/financial-market-infrastructures-and-foreign-market-participants/foreign-market-participants/">remote members</a>) also require FINMA authorisation.</p> </div> </div> </div> </div> </div> <div class="mod mod-document-teaser"> <div class="document-teaser-box"> <a class="e-btn btn-icon icon-document xls" title="List of authorised foreign participants, authorised Swiss financial market infrastructures and recognised foreign financial market infrastructures " href="/en/~/media/finma/dokumente/bewilligungstraeger/xlsx/bourses.xlsx?sc_lang=en&hash=612F987B445B058C123C4592791013BB" target="_blank"></a> <div class="document-teaser-box-content"> <a class="document-teaser-box-title" title="List of authorised foreign participants, authorised Swiss financial market infrastructures and recognised foreign financial market infrastructures " 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