Clearsteam and Iberclear’s Regis-TR has applied to become a non-domestic trade repository in Switzerland.

The move by the firm, which collects and maintain the records of derivatives, comes as new Swiss reporting rules approach.

Under FinfraG, the equivalent to Dodd-Frank in the US and EMIR in the EU, entities with an office in the country trading derivatives at home and abroad must report transaction data to Swiss authorities.

2008's financial crisis exposed structural weaknesses in the OTC derivatives market, meaning regulators moved into monitor and deal with contagion and systemic risk.

Regis-TR’s ambition is that companies carry out the required reporting function via its own platform.

Six Securities Services, a major post-trade specialist in Switzerland, decided to set-up its own trade repository on the back of the new rules.

The firm, owned by SIX Swiss Exchange, is using the technology of Regis-TR's rival repository UnaVista, owned by the London Stock Exchange.

Regis-TR has a number of Swiss customers using its services to report under EMIR and aims to be the only repository covering all major European regulatory reporting requirements.