Ordinance
of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(FINMA Financial Market Infrastructure Ordinance, FinMIO-FINMA)

¹ The de­riv­at­ives cat­egor­ies to be cleared via a cent­ral coun­ter­party are lis­ted in An­nex 1.

² The de­cision wheth­er to list de­riv­at­ives cat­egor­ies in An­nex 1 is based on wheth­er:

a.

the con­tract con­di­tions con­tain the usu­al leg­al doc­u­ments for the sec­tor with the usu­al con­tract spe­cific­a­tions lis­ted by coun­ter­parties;

b.

the op­er­a­tion­al pro­cesses are sub­ject to auto­mated post-trade pro­cessing and there are stand­ard­ised li­fe­cycle events man­aged in ac­cord­ance with a gen­er­ally agreed sched­ule;

c.

the mar­gin or fin­an­cial re­quire­ments of the cent­ral coun­ter­party are ad­equately pro­por­tion­ate to the risk be­ing mit­ig­ated by the ob­lig­at­ory clear­ing;

d.

the size and depth of the product's mar­ket are stable over the long term;

e.

if a par­ti­cipant in a cent­ral coun­ter­party de­faults, the mar­ket seg­ment­a­tion re­mains suf­fi­ciently high;

f.

the num­ber and value of the pre­vi­ously con­cluded trans­ac­tions are suf­fi­ciently high;

g.

the in­form­a­tion re­quired for the form­a­tion of prices is read­ily avail­able on nor­mal com­mer­cial con­di­tions;

h.

there is a heightened sys­tem­ic risk that coun­ter­parties may be un­able to meet their pay­ment and de­liv­ery ob­lig­a­tions to each oth­er if there are strong in­ter­de­pend­en­cies between them.