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

¹ The con­clu­sion of an in­ter­op­er­ab­il­ity agree­ment is sub­ject to ap­prov­al by FINMA.

² The in­ter­op­er­ab­il­ity agree­ment shall be ap­proved if:

a.

the re­spect­ive rights and du­ties of the cent­ral coun­ter­parties are gov­erned;

b.

the cent­ral coun­ter­parties have ap­pro­pri­ate pro­ced­ures and in­stru­ments for man­aging the risks arising from the in­ter­op­er­ab­il­ity agree­ment;

c.

the cent­ral coun­ter­party will cov­er the cred­it and li­quid­ity risks arising from the in­ter­op­er­ab­il­ity agree­ment by im­me­di­ately de­mand­ing ap­pro­pri­ate col­lat­er­al from the oth­er cent­ral coun­ter­party;

d.

the cent­ral coun­ter­parties are au­thor­ised or re­cog­nised by FINMA;

e.

the au­thor­it­ies re­spons­ible for su­per­vising and over­see­ing the for­eign cent­ral coun­ter­party col­lab­or­ate with the com­pet­ent Swiss au­thor­it­ies.

³ If a cent­ral coun­ter­party in­volved in the in­ter­op­er­ab­il­ity agree­ment is sys­tem­ic­ally im­port­ant, FINMA shall ob­tain the SNB's agree­ment be­fore grant­ing its ap­prov­al.

⁴ If a cent­ral coun­ter­party in­volved in an in­ter­op­er­ab­il­ity agree­ment ex­tends its activ­ity to a new trad­ing ven­ue without this en­tail­ing new risks, the in­ter­op­er­ab­il­ity agree­ment does not re­quire re-ap­prov­al.