EU sees no progress yet for extending Swiss stock exchanges recognition

Picture shows the entrance hall of Swiss stock exchange operator SIX Group in Zurich
FILE PHOTO: Picture shows the entrance hall of the headquarters of Swiss stock exchange operator SIX Group in Zurich, Switzerland November 20, 2017. REUTERS/Arnd Wiegmann

November 28, 2018

BRUSSELS (Reuters) – Talks between the European Union and Switzerland have not made sufficient progress to warrant extending the EU recognition of Swiss stock exchanges regulation beyond this year, European Commission Vice President Valdis Dombrovskis said in a letter.

The letter was sent to EU lawmaker Markus Ferber on Nov. 27. “At this point in time there is not sufficient progress in our discussions with the Swiss authorities to allow for the extension of the equivalence decision for Swiss stock exchanges beyond December 2018,” Dombrovskis said.

The Swiss Finance Ministry declined to comment on Wednesday. The SIX Swiss Exchange, the country’s main stock exchange, declined to comment as it gathers more information.

The EU and Switzerland have been negotiating for four years a new overarching treaty to govern their relations, but talks have so far reached no breakthrough. The EU wants an overall deal before extending the recognition of Swiss trading venues beyond this year, when otherwise it would expire.

(Reporting by Francesco Guarascio in Brussels and John Miller in Zurich; editing by Philip Blenkinsop)

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