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

¹Coun­ter­parties must clear trans­ac­tions in de­riv­at­ives in ac­cord­ance with Art­icle 101 that were not con­duc­ted via a trad­ing ven­ue (OTC de­riv­at­ives trans­ac­tions) through a cent­ral coun­ter­party au­thor­ised or re­cog­nised by FINMA.

²This duty does not ap­ply to trans­ac­tions with small coun­ter­parties or for trans­ac­tions between such coun­ter­parties.

³A coun­ter­party may as­sume that its coun­ter­party's de­clar­a­tion con­cern­ing its char­ac­ter­ist­ics is cor­rect in­so­far as there are no in­dic­a­tions to the con­trary.

⁴In or­der to com­ple­ment the duty de­tailed in Art­icle 112, the Fed­er­al Coun­cil may or­der that all de­riv­at­ives trans­ac­tions con­duc­ted via a trad­ing ven­ue or or­gan­ised trad­ing fa­cil­ity must be cleared by a cent­ral coun­ter­party au­thor­ised or re­cog­nised by FINMA.

⁵FINMA may al­low clear­ing by an un­re­cog­nised cent­ral coun­ter­party in in­di­vidu­al cases, provided this does not ad­versely af­fect the pro­tect­ive pur­pose of this Act.