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

¹A non-fin­an­cial coun­ter­party is deemed to be small if all of the rolling av­er­ages for its gross po­s­i­tions in rel­ev­ant out­stand­ing OTC de­riv­at­ives trans­ac­tions cal­cu­lated over 30 work­ing days are be­low the thresholds.

²If one of the av­er­age gross po­s­i­tions of an ex­ist­ing small non-fin­an­cial coun­ter­party cal­cu­lated in ac­cord­ance with para­graph 1 ex­ceeds the rel­ev­ant threshold, said coun­ter­party will no longer be deemed small four months after the threshold is ex­ceeded.

³De­riv­at­ives trans­ac­tions in­ten­ded to re­duce risks are not factored in­to the cal­cu­la­tion of the av­er­age gross po­s­i­tion if they are dir­ectly as­so­ci­ated with the busi­ness activ­ity, li­quid­ity man­age­ment or as­set man­age­ment of the coun­ter­party or group.