Shearman & Sterling LLP | FinReg | UK Equivalence Decision for Swiss Exchanges Enters into Force
Financial Regulatory Developments Focus
This links to the home page
Financial Regulatory Developments Focus
  • UK Equivalence Decision for Swiss Exchanges Enters into Force

    The U.K.'s Swiss share trading obligation equivalence decision has entered into force. The equivalence decision has been made under the U.K.'s Markets in Financial Instruments (Switzerland Equivalence) Regulations 2021, which came into force on February 3, 2021, and means that U.K. investment firms will be able to comply with the share trading obligation under the U.K. Markets in Financial Instruments Regulation by trading shares on BX Swiss AG and SIX Swiss Exchange AG. 

    Switzerland has in return removed restrictions on U.K. trading venues, meaning specified U.K. venues are able to register with the Swiss Financial Market Supervisory Authority to trade Swiss shares. The relevant London-based venues are Acquis Exchange Plc, ICAP WCLK Limited, Instinet Europe Limited, Liquidnet Europe Limited, London Stock Exchange Plc, SIGMA X MTF, Tradeweb Europe Limited, Turquoise Global Holdings Ltd, UBS AG London Branch and Virtu ITG UK Limited.

    The EU has not renewed its temporary equivalence decision for BX Swiss AG or SIX Swiss Exchange since June 30, 2019, when it was allowed to lapse. U.K. exchanges have not been granted EU equivalence and the U.K. has not granted the EU trading venues any such equivalence either.

    View HM Treasury's guidance on Swiss share trading obligation equivalence.

    View FINMA's announcement of the recognition of U.K. trading venues.

    Return to main website.