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

¹In­solv­ency meas­ures that are ordered against a cent­ral coun­ter­party's par­ti­cipant have no ef­fect on pre­vi­ously con­cluded agree­ments between the cent­ral coun­ter­party and the par­ti­cipant re­gard­ing:

a. the off­set­ting of re­ceiv­ables, in­clud­ing the agreed meth­od and valu­ation;

b. the dir­ect real­isa­tion of col­lat­er­al in the form of se­cur­it­ies or oth­er fin­an­cial in­stru­ments whose value can be de­term­ined ob­ject­ively;

c. the trans­fer of re­ceiv­ables and li­ab­il­it­ies, and col­lat­er­al in the form of se­cur­it­ies, or oth­er fin­an­cial in­stru­ments whose value can be de­term­ined ob­ject­ively.

²Fol­low­ing the net­ting or real­isa­tion car­ried out by the cent­ral coun­ter­party in ac­cord­ance with para­graph 1 let­ters a and b, the par­ti­cipant's re­main­ing en­ti­tle­ments shall be se­greg­ated in fa­vour of its cli­ents and in­dir­ect par­ti­cipants.

³Meas­ures to the con­trary ordered with­in the scope of the post­pone­ment of the ter­min­a­tion of con­tracts by FINMA are re­served.