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

¹ The cent­ral coun­ter­party must have suf­fi­cient li­quid­ity:

a.

to fulfil its payment obligations in all currencies under extreme but plausible market conditions, even in the event of the default of the participant to which it has its greatest exposure; and

b.

to be able to duly execute its ser­vices and activ­it­ies.

² It shall in­vest its fin­an­cial re­sources solely in cash or in li­quid fin­an­cial in­stru­ments with a low mar­ket and cred­it risk.