In comparison with other countries, the Swiss trading surveillance has a relatively low degree of centralisation: it is decentralised and located at the trading venues. The Federal Department of Finance (FDF) has identified various weaknesses that make it difficult to identify market manipulative behaviour and insider trading. There are opportunities to centralise both the reporting offices and the trading monitoring offices in order to close these weak points.

On behalf of the State Secretariat for International Financial (SIF), Swiss Economics conducted a regulatory impact assessment on the economic impact of these centralisation plans. The impact of forwarding all transaction reports directly to the Swiss Financial Market Supervisory Authority (FINMA) or a reporting office integrated directly into FINMA was analysed. The possible effects of cross-market monitoring of market manipulation and insider trading were also analysed.

Methods

• Regulatory impact assessment
• Literature analysis
• Interviews

Publications

• Consultation on Amendments
• Publication in German