SwissBanking
The online magazine of the Swiss Bankers Association
December 12, 2018

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The recognition of stock exchange equivalence  is essential

The recognition of stock exchange equivalence is essential

Dear readers

Room for manoeuvre, straightforwardness and openness are my three keywords for a successful financial centre in 2019. Entrepreneurial freedom is the basis that our banks need in order to be innovative and to further develop.
Claude-Alain Margelisch
by Claude-Alain Margelisch, CEO-Advisor, former CEO

Market access and the recognition of equivalence of both financial market regulation and stock exchanges are key objectives for us. A framework agreement with the EU is an important step in this direction. We therefore welcome the fact that the Federal Council will be carrying out a con-sultation on the draft thereof. We will continue to advocate for the conclusion of a high quality framework agreement.

An extension of the EU's recognition of stock exchange equivalence is essential for open and efficient capital markets. According to media reports, the European Commission has proposed to its members an extension of six months, which gives Switzerland the time required to carry out the consultation. The SBA takes note of this and continues to call for the unlimited recognition of stock exchange equivalence by the EU. The new ordinance on the protection of Swiss stock exchanges recently adopted by the Federal Council should thus not take effect for the duration of the temporary recognition of equivalence. Further to this, reliable and efficient regulatory processes are key to maintaining competitiveness. And we can only remain competitive if banks keep pace with the times and consistently use digital business processes.

In the coming year, we will continue to work together in a targeted manner to create the frame-work conditions that will ensure Switzerland’s attractiveness as a location remains high. In an interview,  our Chairman Herbert Scheidt talks about which areas are a priority for the financial centre. We also explore how the financial sector is going in regulatory circles, which is reflected in numerous revisions in the area of money laundering and in a broad range of activities in digital banking. A piece by Martin Hess  gives an overview of what is required in order for banking to take place in the cloud in the future.

I hope you enjoy reading this issue of insight and wish you all the best for a successful new year.

Claude-Alain Margelisch

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The SBA reserves the right not to publish comments. This applies in particular to comments that are offensive, irrelevant or do not address the topic. It also applies to comments written in dialect or a foreign language (except for French, English and Italian). Comments posted under pseudonyms or obviously false will also not be published. Comments are moderated.