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

¹Cent­ral coun­ter­parties, cent­ral se­cur­it­ies de­pos­it­or­ies and pay­ment sys­tems are sys­tem­ic­ally im­port­ant:

a.

if their non-avail­ab­il­ity, arising in par­tic­u­lar from tech­nic­al or op­er­a­tion­al prob­lems or fin­an­cial dif­fi­culties, can lead to ser­i­ous losses, li­quid­ity short­falls or op­er­a­tion­al prob­lems for fin­an­cial in­ter­me­di­ar­ies or oth­er fin­an­cial mar­ket in­fra­struc­tures, or can cause ser­i­ous dis­rup­tions on fin­an­cial mar­kets; or

b.

if in­di­vidu­al par­ti­cipants' pay­ment or de­liv­ery dif­fi­culties can spill over to oth­er par­ti­cipants or linked fin­an­cial mar­ket in­fra­struc­tures and can cause these ser­i­ous losses, li­quid­ity short­falls or op­er­a­tion­al prob­lems, or can cause ser­i­ous dis­rup­tions on fin­an­cial mar­kets.

²A busi­ness pro­cess of a fin­an­cial mar­ket in­fra­struc­ture in ac­cord­ance with para­graph 1 is sys­tem­ic­ally im­port­ant:

a.

if its non-avail­ab­il­ity can cause ser­i­ous losses, li­quid­ity short­falls or op­er­a­tion­al prob­lems for fin­an­cial in­ter­me­di­ar­ies or oth­er fin­an­cial mar­ket in­fra­struc­tures, or can cause ser­i­ous dis­rup­tions on fin­an­cial mar­kets; and

b.

if par­ti­cipants can­not sub­sti­tute the busi­ness pro­cess at short no­tice.