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

(Art. 49 FMIA)

¹If pre­defined thresholds are ex­ceeded, the cent­ral coun­ter­party shall call in ini­tial mar­gins and vari­ation mar­gins at least once a day.

²It shall avoid con­cen­tra­tion risks in the col­lat­er­al and shall en­sure that it can have prompt ac­cess to the col­lat­er­al.

³It shall make pro­vi­sion for pro­ced­ures by means of which it can re­view the mod­els and para­met­ers on which its risk man­age­ment is based, and shall con­duct these re­views on a reg­u­lar basis.

⁴If the cent­ral coun­ter­party holds its own as­sets or the col­lat­er­al and as­sets of par­ti­cipants with third parties, it shall min­im­ise the as­so­ci­ated risks. In par­tic­u­lar, it shall hold the col­lat­er­al and as­sets with cred­it­worthy fin­an­cial in­ter­me­di­ar­ies which, in­so­far as pos­sible, are sub­ject to su­per­vi­sion.