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

No col­lat­er­al has to be ex­changed:

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;

c.

if there are no leg­al or fac­tu­al im­ped­i­ments to the prompt trans­fer of own funds or the re­pay­ment of li­ab­il­it­ies; and

d.

if the trans­ac­tions do not aim to cir­cum­vent the duty to ex­change col­lat­er­al.