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The conflict escalates: the EU threatens the Swiss stock exchange to refuse recognition. "At the moment, our discussions with the Swiss authorities are not progressing enough to extend the equivalence of the Swiss Stock Exchange beyond December 2018." This is what the European Commissioner for Monetary Affairs, Valdis Dombrovskis, said on Wednesday became known. According to the commission, no final decision has yet been taken. If the commission does not yield, the Federal Council should activate its emergency plan on Friday, which should keep the Swiss stock market out of sight before the autumn. The Federal Department of Finance does not comment on this. "We take note of the message from Brussels," he said.
The dispute between the EU and Switzerland over how to regulate future relations is at the root of this situation. To this end, a framework agreement is being negotiated. As the EU is not satisfied with the progress made a year ago, the Commission surprisingly decided to consider the Swiss stock exchange rules as equivalent for one year only. Without this recognition, European banks listed on the Swiss stock exchange could no longer trade securities.
The exchange operator SIX carries out securities transactions for an annual volume of around CHF 1,300 billion. 60 to 80% come from European securities firms.
Fear of losing sense
In the summer, the Ministry of Finance developed an emergency plan. According to this, only Swiss stock exchanges approved by Switzerland can still be traded on such stock exchanges. And if the EU refuses to recognize Switzerland, Switzerland in turn wants to deprive the EU stock exchanges of the right to trade the shares of Nestle, Novartis and Co. An important role in this poker plays the issuers , so companies that register their shares on the stock market. If Plan B were to materialize, the Swiss stock market could lose its importance, feared SIX President Romeo Lacher. If the heavyweights switched to other trading platforms, the Swiss stock market would lose the bulk of its trading volume.
How do issuers see the bizarre stock market conflict? This newspaper asked the 20 companies included in the Swiss SMI index.
As a result, the heavyweights of the Swiss stock markets want to remain loyal to the national shopping center, which the EU once again allows Switzerland to respect stock exchange equivalence or that the Federal Council has recourse to a plan of action. ;emergency. 14 of 20 companies say they do not have an emigration project. Six do not take a stand.
"Novartis is not currently planning to adjust its list, but we are closely following developments on this topic," said the pharmaceutical giant. "We do not anticipate any change," said a spokesman for Roche. The reinsurer Swiss Re said: "There is no reason to change the registration of Swiss Re at SIX if the extension of the stock exchange equivalence of the EU. Was not extended. " If this were the case, the company would follow the evolution of the situation. The Zurich insurer also wants to remain faithful to the stock market: "We do not intend to change our listing on the Swiss stock exchange." Among the six companies that did not respond were Nestlé and the two big banks UBS and CS. Some of these companies at least privately recognize that they have no plans for emigration.
Until recently, the head of SIX, Jos Dijsselhof, did not believe that the EU would aggravate the conflict. "The most likely scenario is that we get extended credit," he told CNN Money. If this is not the case, the SIX can also live well with the emergency plan. This could even lead to more transactions at the end of SIX: currently around 30% of Swiss securities transactions are in the EU. Should the emergency plan materialize, this activity should be transferred to SIX in Switzerland. "The emergency plan will force everything on one platform," Dijsselhof said.
Countermeasure without teeth
The emergency plan of Federal Councilor Ueli Maurer is based on EU law. Berne beats Brussels with its own weapons. More specifically, Article 23 of the EU Mifir Regulation stipulates that European securities dealers may only trade on exchanges that are regulated or recognized as equivalent by the EU. Exception: when the shares are not traded regularly. For example, if Berne forbids the London, Frankfurt and Paris stock exchanges to trade Swiss securities, transactions on Swiss blue chips are no longer regular. As a result, EU traders can then trade these securities in Switzerland, even if the Swiss stock exchange rules are no longer recognized by the EU.
The options available to Switzerland are doubtful if the EU trading venues did not comply with Maurer 's emergency plan. What happens if, for example, the Frankfurt Stock Exchange does not stop trading in Swiss securities even as the pension plan applies? The Swiss authorities could then complain to the supervisory authorities of the respective stock exchanges, but it remains to be seen with what emphasis, for example, the German supervision Bafin strives to apply the Swiss regulations in Frankfurt.
The secret meeting at Zurich Airport
Tomorrow, the Federal Council will probably decide on the framework agreement that will govern future relations with the EU. It would have time until December 7, however, as we know it now. At a secret meeting with European Commissioner Johannes Hahn at Zurich Airport, Federal Councilor Ignazio Cassis reportedly delayed by one week the deadline set by the EU last Friday. Sources in Brussels and Bern confirm it: the Ministry of Foreign Affairs did not want to refuse or confirm the deadline. In Brussels, nobody wants to talk about an ultimatum.
Sources include Federal Councilor Karin Keller-Sutter (FDP). On Tuesday, she spoke about the EU's ultimatum during the hearing at SVP and at a round table of the Swiss Trade Association. It finds such a line of conduct among the partners "unacceptable" and does not deserve a sovereign state. "The Federal Council can not afford that," she said. At the round table, the other three candidates, Viola Amherd, Hans Wicki and Heidi Z Graggen, agreed. The Federal Council should not give way. The date of December 7 must also be seen in the context of the extension of the stock exchange equivalence. If Switzerland votes in favor of the Framework Agreement, the EU Commission will need at least ten days to extend its equivalence by the end of the year in consultation with the EU. Member States. If Switzerland decides not to sign, the negotiations would be considered a failure, according to EU circles.
Some PCV and FDP officials seem to be thinking about how to get around the EU's ultimatum. The Federal Council should tomorrow initial the EU, but wait for the signature. For example, the progress made in the EU Framework Agreement for the new grant of stock exchange equivalence would be achieved.
The national councilor of the Zurich CVP, Kathy Riklin, justifies the idea that she aligns Germany with the airport agreement with Switzerland. National Councilor Hans-Peter Portmann (FDP, ZH) for his part referred to the agreement on cross-border travel with Italy, initialed for almost five years but unsigned. (Stephan Israel, Brussels and Dominik Feusi)
(Editors Tamedia)
Created: 29.11.2018, 06:16 pm
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