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

De­riv­at­ives trans­ac­tions do not have to be cleared via a cent­ral coun­ter­party:

a.

if the two coun­ter­parties are in­cluded in the same full con­sol­id­a­tion basis;

b.

if the two coun­ter­parties are sub­ject to ap­pro­pri­ate cent­ral­ised risk eval­u­ation, meas­ure­ment and con­trol pro­ced­ures; and

c.

if the trans­ac­tions do not aim to cir­cum­vent the clear­ing duty.