Switzerland: Financial Sector Assessment Program-Technical Note on Financial Market Infrastructure and Fintech Oversight

International Monetary Fund

No 2025/310, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note analyzes the potential for financial market infrastructure (FMI)-related risks to financial stability in Switzerland. The FMI landscape in Switzerland is efficient and reflective of the advanced nature of the country’s financial market. Going forward, the authorities, especially Swiss Financial Market Supervisory Authority (FINMA), should increase the resources available to ensure the adequate supervision of a very dynamic and expanding FMI landscape. It is important to expedite the revision of the country’s FMI regulation and expand the authorities’ cooperation with the relevant Spanish authority. Switzerland positions itself as an attractive pole for fintech activities. Major progress has been made to the legal, regulatory, and supervisory framework. There is scope for further improvements to the regulatory and supervisory framework of fintech activities. FINMA should be equipped with sufficient resources to keep up with the dynamic evolution of financial innovation and international standards while intensifying the supervision of crypto licensed activities. The government should strengthen the governance structure of the open finance framework to contemplate the interests of different stakeholders and emerging risks.

Keywords: IMF staff; Project Helvetia; exchange case study; supervision Act; staff team; FMI risk management; Fintech; Blockchain and DLT; Financial market infrastructure; Securities; Global (search for similar items in EconPapers)
Pages: 65
Date: 2025-11-24
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