Swiss exchange gains temporary EU equivalence before MiFID II

European Traders able to access Swiss trading venue post-MiFID II, but SIX Exchange unhappy with ‘temporary’ recognition from EU Commission.

SIX Exchange has obtained a temporary recognition of equivalence from the EU Commission, in order for European traders to trade on the Swiss exchange following the introduction of MiFID II.

The equivalence period will last for one year. 

In a statement, the Swiss exchange voiced its displeasure at the “temporary nature of the decision”.

SIX added that it is “working on the assumption that equal value will be definitively recognised at a later date”. 

MiFID II, and its related regulation MiFIR, require European investment firms to trade shares on a trading venue within the EU or a third-country trading venue assessed as equivalent.

With the rules coming into force on 3 January 2018, the ruling was crucial for the exchange to allow European securities traders access to the Swiss market following the rules implementation.