Federal Act
on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(Financial Market Infrastructure Act, FinMIA)

¹ FINMA de­term­ines the de­riv­at­ives which must be cleared via a cent­ral coun­ter­party. In so do­ing, it con­siders:

a.

their de­gree of leg­al and op­er­a­tion­al stand­ard­isa­tion;

b.

their li­quid­ity;

c.

their trad­ing volumes;

d.

the avail­ab­il­ity of pri­cing in­form­a­tion in the giv­en cat­egory;

e.

the coun­ter­party risks as­so­ci­ated with them.

² It shall take ac­count of re­cog­nised in­ter­na­tion­al stand­ards and for­eign leg­al de­vel­op­ments. It may phase in the in­tro­duc­tion of the clear­ing duty by de­riv­at­ives cat­egory.

³ No clear­ing duty may be im­posed for:

a.

de­riv­at­ives that are not cleared by any au­thor­ised or re­cog­nised cent­ral coun­ter­party;

b.

cur­rency swaps and for­ward trans­ac­tions, provided they are settled on a pay­ment versus pay­ment basis.