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

An or­gan­ised trad­ing fa­cil­ity is an es­tab­lish­ment for:

a.

mul­ti­lat­er­al trad­ing in se­cur­it­ies or oth­er fin­an­cial in­stru­ments whose pur­pose is the ex­change of bids and the con­clu­sion of con­tracts based on dis­cre­tion­ary rules;

b.

mul­ti­lat­er­al trad­ing in fin­an­cial in­stru­ments oth­er than se­cur­it­ies whose pur­pose is the ex­change of bids and the con­clu­sion of con­tracts based on non-dis­cre­tion­ary rules;

c.

bi­lat­er­al trad­ing in se­cur­it­ies or oth­er fin­an­cial in­stru­ments whose pur­pose is the ex­change of bids.