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

¹A cent­ral se­cur­it­ies de­pos­it­ory's par­ti­cipant shall sep­ar­ate the se­cur­it­ies, re­ceiv­ables and li­ab­il­it­ies of in­dir­ect par­ti­cipants from its own as­sets, re­ceiv­ables and li­ab­il­it­ies with the cent­ral se­cur­it­ies de­pos­it­ory and in its own ac­counts.

²It shall of­fer in­dir­ect par­ti­cipants the pos­sib­il­ity of keep­ing and re­cord­ing se­cur­it­ies, re­ceiv­ables and li­ab­il­it­ies to­geth­er with those of oth­er in­dir­ect par­ti­cipants (om­ni­bus cus­tom­er ac­counts) or sep­ar­ately (in­di­vidu­al cus­tom­er ac­counts).

³If an in­dir­ect par­ti­cipant opts for in­di­vidu­al cli­ent se­greg­a­tion, the par­ti­cipant must de­pos­it all funds in ex­cess of the in­di­vidu­al par­ti­cipant's mar­gin re­quire­ment with the cent­ral se­cur­it­ies de­pos­it­ory and dis­tin­guish them from the mar­gin pay­ments of oth­er in­dir­ect par­ti­cipants.

⁴A cent­ral se­cur­it­ies de­pos­it­ory's par­ti­cipant shall pub­lish the costs and spe­cif­ics con­cern­ing the level of pro­tec­tion gran­ted by the type of ac­count man­age­ment un­der para­graph 2.