SIX Swiss Exchange and Markit announced they have signed an agreement which recognises Markit as the first Approved Trade Data Monitor (TDM) for SIX Swiss Exchange.
The Agreement enables foreign participants of SIX Swiss Exchange, known as "Remote Members", to report their off-exchange (OTC) trades in Swiss securities admitted for trading on a Swiss stock exchange via Markit BOAT, from 18 April 2011.
This service provides flexibility for SIX Swiss Exchange's Remote Members to fulfill their reporting obligations in Swiss securities either via the Exchange or via Markit.
Remote members of SIX Swiss Exchange previously had to report their OTC trades in Swiss securities admitted for trading on a Swiss stock exchange to the reporting office of SIX Swiss Exchange. This new development will provide flexibility of reporting venue and enable SIX Swiss Exchange's Remote Members to choose the platform for their trade reporting needs.
Sophia Kandylaki, Director and Head of Markit BOAT at Markit, said: "SIX Swiss Exchange is one of the world's most technologically advanced exchanges and we are delighted to welcome their Remote Members on to the Markit BOAT platform. This will enrich Markit's dataset considerably and consolidate our position as the leading trade reporting venue for the OTC equity markets."
Markit BOAT provides a comprehensive view of the European OTC equity markets. The service gives users access to trade reports on an average of EUR 375 billion of OTC trades in equities every day. This is equivalent to approximately 70% of the daily volumes traded on all European equity markets.
Christian Katz, CEO, SIX Swiss Exchange comments: "We are pleased to have approved Markit BOAT as the first recognised TDM on SIX Swiss Exchange. The service provides greater flexibility and choice to our Remote Members whilst allowing them to fully comply with the Reporting Obligations in Swiss securities."