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


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Art. 53 Procedure in the event of the default of a participant

1 The cent­ral coun­ter­party shall take meas­ures to lim­it the cred­it and li­quid­ity risks in the event of a par­ti­cipant's de­fault.

2 To cov­er any losses in the event of a par­ti­cipant's de­fault, it shall use col­lat­er­al and cap­it­al in the fol­low­ing or­der:

a.
mar­gins of the de­fault­ing par­ti­cipant;
b.
de­fault fund con­tri­bu­tions of the de­fault­ing par­ti­cipant;
c.
ded­ic­ated cap­it­al of the cent­ral coun­ter­party;
d.
de­fault fund con­tri­bu­tions of non-de­fault­ing par­ti­cipants.

3 It shall is­sue rules gov­ern­ing how more ex­tens­ive losses are to be covered. It may not:

a.
use the ini­tial mar­gins of non-de­fault­ing par­ti­cipants to cov­er losses caused by the de­fault of an­oth­er par­ti­cipant;
b.
use the col­lat­er­al of in­dir­ect par­ti­cipants to cov­er losses caused by the de­fault of a par­ti­cipant or oth­er in­dir­ect par­ti­cipant; or
c.
use an in­dir­ect par­ti­cipant's funds in ex­cess of the mar­gin re­quire­ment de­pos­ited with it in ac­cord­ance with Art­icle 59 para­graph 3 to cov­er losses caused by the de­fault of a par­ti­cipant or oth­er in­dir­ect par­ti­cipant.

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