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

(Art. 44 FMIA)

¹The op­er­at­or of an or­gan­ised trad­ing fa­cil­ity shall is­sue reg­u­la­tions on the or­gan­isa­tion of trad­ing and mon­it­or com­pli­ance with the stat­utory and reg­u­lat­ory pro­vi­sions, as well as the trad­ing pro­cess.

²It shall keep a chro­no­lo­gic­al re­cord of all or­ders and trans­ac­tions car­ried out through the or­gan­ised trad­ing fa­cil­ity.

³In the event of agree­ments be­ing made ac­cord­ing to dis­cre­tion­ary rules, identic­al cli­ent or­ders may be matched only if best ex­e­cu­tion can be guar­an­teed. Ex­cep­tions are per­miss­ible only if the cli­ents con­cerned have ex­pressly waived any claim to best pos­sible ex­e­cu­tion.

³The re­port­ing duty ap­plies not only to trans­ac­tions on own ac­count, but also to trans­ac­tions ex­ecuted on be­half of a cli­ent.

⁴The fol­low­ing trans­ac­tions ex­ecuted abroad do not have to be re­por­ted:

a.

trans­ac­tions in se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land and in de­riv­at­ives with such se­cur­it­ies as their un­der­ly­ing in­stru­ments, provided the in­form­a­tion in ques­tion is reg­u­larly com­mu­nic­ated to the trad­ing ven­ue on the basis of an agree­ment in ac­cord­ance with Art­icle 32 para­graph 3 FMIA or with­in the frame­work of an ex­change of in­form­a­tion between FINMA and the com­pet­ent for­eign su­per­vis­ory au­thor­ity if:

1.

they were ex­ecuted by the branch of a Swiss se­cur­it­ies deal­er or by a for­eign ad­mit­ted par­ti­cipant, and

2.

the branch or the for­eign par­ti­cipant is au­thor­ised to trade by the rel­ev­ant for­eign su­per­vis­ory au­thor­ity and is ob­liged to sub­mit a re­port in the cor­res­pond­ing state or in its state of dom­i­cile;

b.

trans­ac­tions in for­eign se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land and in de­riv­at­ives with such se­cur­it­ies as their un­der­ly­ing in­stru­ments that are ex­ecuted on a re­cog­nised for­eign trad­ing ven­ue.

⁵Third parties may be in­volved in re­port­ing.