{
  "title": "Switzerland: Financial Sector Assessment Program-Technical Note on Financial Market Infrastructure and Fintech Oversight",
  "publication": "IMF Staff Country Reports, November 24, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/11/24/switzerland-financial-sector-assessment-program-technical-note-on-financial-market-572036",
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  "summary": "The financial market infrastructure (FMI) landscape in Switzerland is efficient and reflective of the advanced nature of the country’s financial market. The country hosts three domestic, systemically important FMIs which are owned by a single group (SIX Group): a CCP (SIX x-clear Ltd.",
  "publishDate": "2025-11-24",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Publication title: Switzerland: Financial Sector Assessment Program-Technical Note on Financial Market Infrastructure and Fintech Oversight\n- Publication date: November 24, 2025\n- Summary statement: The financial market infrastructure (FMI) landscape in Switzerland is efficient and reflective of the advanced nature of the country’s financial market."
    },
    {
      "heading": "Systemically important FMIs (domestic and foreign)",
      "content": "- Domestic systemically important FMIs (all owned by a single group, SIX Group):\n  - CCP: SIX x-clear Ltd.\n  - CSD: SIX SIS Ltd.\n  - RTGS Payment System: SIC\n- Foreign FMIs considered systemically important by Swiss authorities:\n  - CCPs: LCH Ltd and Eurex Clearing AG\n  - Foreign exchange Payment System: CLS"
    },
    {
      "heading": "Market composition, competition, and technology",
      "content": "- The Swiss market includes a range of both domestic and non-domestic FMIs, completing a competitive FMI ecosystem.\n- FMIs making use of newer technologies such as DLT are present on the Swiss market.\n- Subject areas covered: Blockchain and DLT, Financial institutions, Financial market infrastructure, Financial markets, Fintech, Securities, Technology\n- Keywords: Blockchain and DLT, exchange case study, Financial market infrastructure, Fintech, FMI risk management, Global, IMF staff, Project Helvetia, Securities, staff team, supervision Act\n\n---\n\n Content in this bundle\n\n- 1cheea2025010-source-pdf\n  - 1cheea2025010-source-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1cheea2025010-source-pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2025/11/24/switzerland-financial-sector-assessment-program-technical-note-on-financial-market-572036"
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    "Published: November 24, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229004831.002",
    "Publication title: Switzerland: Financial Sector Assessment Program-Technical Note on Financial Market Infrastructure and Fintech Oversight",
    "Publication date: November 24, 2025",
    "Summary statement: The financial market infrastructure (FMI) landscape in Switzerland is efficient and reflective of the advanced nature of the country’s financial market.",
    "Domestic systemically important FMIs (all owned by a single group, SIX Group):",
    "Foreign FMIs considered systemically important by Swiss authorities:",
    "The Swiss market includes a range of both domestic and non-domestic FMIs, completing a competitive FMI ecosystem.",
    "FMIs making use of newer technologies such as DLT are present on the Swiss market.",
    "Subject areas covered: Blockchain and DLT, Financial institutions, Financial market infrastructure, Financial markets, Fintech, Securities, Technology",
    "Keywords: Blockchain and DLT, exchange case study, Financial market infrastructure, Fintech, FMI risk management, Global, IMF staff, Project Helvetia, Securities, staff team, supervision Act",
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