Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading

¹FINMA de­term­ines the de­riv­at­ives which must be traded via a trad­ing ven­ue or a trad­ing fa­cil­ity in ac­cord­ance with Art­icle 112 para­graph 1. In so do­ing, it con­siders:

a.

their de­gree of leg­al and op­er­a­tion­al stand­ard­isa­tion;

b.

their li­quid­ity;

c.

their trad­ing volumes;

d.

the avail­ab­il­ity of pri­cing in­form­a­tion in the giv­en cat­egory;

e.

the coun­ter­party risks as­so­ci­ated with them.

²It shall take ac­count of re­cog­nised in­ter­na­tion­al stand­ards and for­eign leg­al de­vel­op­ments. It may phase in the in­tro­duc­tion of the duty to trade via a trad­ing ven­ue or a trad­ing fa­cil­ity, ac­cord­ing to de­riv­at­ive cat­egory.

³No duty to trade in ac­cord­ance with Art­icle 112 may be im­posed for:

a.

de­riv­at­ives not ad­mit­ted to trad­ing by a rel­ev­ant trad­ing ven­ue or trad­ing fa­cil­ity;

b.

cur­rency swaps and for­ward trans­ac­tions, provided they are settled on a pay­ment versus pay­ment basis.