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

English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.


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Art. 48 Definition

A cent­ral coun­ter­party is an en­tity based on uni­form rules and pro­ced­ures that in­ter­poses it­self between the coun­ter­parties to a se­cur­it­ies trans­ac­tion or oth­er con­tract in­volving fin­an­cial in­stru­ments, thereby be­com­ing the buy­er to every seller and the seller to every buy­er.

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