Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading

(Art. 3 para. 2 FMIA)

The func­tions of a group com­pany are sig­ni­fic­ant with re­spect to the activ­it­ies which re­quire au­thor­isa­tion if they are ne­ces­sary for the con­tinu­ation of im­port­ant busi­ness pro­cesses, in par­tic­u­lar in the areas of li­quid­ity man­age­ment, treas­ury, risk man­age­ment, mas­ter data ad­min­is­tra­tion and ac­count­ing, per­son­nel, in­form­a­tion tech­no­logy, trad­ing and set­tle­ment, and leg­al and com­pli­ance.

²De­riv­at­ives are deemed to com­prise fin­an­cial con­tracts whose price is de­rived spe­cific­ally from:

a.

as­sets such as shares, bonds, com­mod­it­ies and pre­cious metals;

b.

ref­er­ence val­ues such as cur­ren­cies, in­terest rates and in­dices.

³The fol­low­ing are not deemed to be de­riv­at­ives:

a.

spot trans­ac­tions;

b.

de­riv­at­ives trans­ac­tions re­lat­ing to elec­tri­city and gas which:

1.

are traded on an or­gan­ised trad­ing fa­cil­ity,

2.

must be phys­ic­ally de­livered, and

3.

can­not be settled in cash at a party's dis­cre­tion;

c.

de­riv­at­ives trans­ac­tions re­lat­ing to cli­mat­ic vari­ables, freight rates, in­fla­tion rates or oth­er of­fi­cial eco­nom­ic stat­ist­ics that are settled in cash only in the event of a de­fault or oth­er ter­min­a­tion event.

⁴Spot trans­ac­tions are deemed to be trans­ac­tions that are settled either im­me­di­ately or fol­low­ing ex­piry of the de­ferred set­tle­ment dead­line with­in two busi­ness days. Spot trans­ac­tions are also deemed to be:

a.

trans­ac­tions that are settled with a longer set­tle­ment dead­line in ac­cord­ance with the mar­ket norm for the cur­rency pair in ques­tion;

b.

pur­chases or sales of se­cur­it­ies, ir­re­spect­ive of their cur­rency, which are paid for by the dead­line pre­scribed by the reg­u­lat­or or by a dead­line that is cus­tom­ary in the mar­ket;

c.

trans­ac­tions that are con­tinu­ously ex­ten­ded without there be­ing a leg­al ob­lig­a­tion or without such an ex­ten­sion between the parties be­ing usu­al.