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

(Art. 82 FMIA)

In the case of sys­tem­ic­ally im­port­ant pay­ment sys­tems, the cap­it­al must suf­fice to im­ple­ment the plan set out in Art­icle 72, but must at least be suf­fi­cient to cov­er on­go­ing op­er­at­ing ex­pendit­ure for six months.

²If this is im­possible or im­prac­tic­al, it shall use a means of pay­ment which car­ries no or only low cred­it and li­quid­ity risks. It shall min­im­ise these risks and mon­it­or them on an on­go­ing basis.

³Where ex­change-of-value set­tle­ment is con­cerned, the pay­ment sys­tem shall en­able par­ti­cipants to elim­in­ate their prin­cip­al risk by en­sur­ing that the set­tle­ment of one ob­lig­a­tion oc­curs if and only if the set­tle­ment of the oth­er ob­lig­a­tion is guar­an­teed.

⁴It 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.

⁵If it 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.