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

(Art. 84 para. 1 FMIA)

¹The audit firm of the fin­an­cial mar­ket in­fra­struc­ture shall re­view wheth­er the lat­ter ful­fils the rel­ev­ant du­ties as set forth in le­gis­la­tion, this Or­din­ance and its own con­trac­tu­al basis.

²The audit firm of the trad­ing ven­ue shall co­ordin­ate its audit with the lat­ter's trad­ing su­per­vis­ory body and shall pass on its audit re­ports to this body.

²It shall in­vest its fin­an­cial re­sources solely in cash or in li­quid fin­an­cial in­stru­ments with a low mar­ket and cred­it risk.

³It shall reg­u­larly re­view com­pli­ance with the re­quire­ments set out in para­graph 1 un­der vari­ous stress scen­ari­os. In do­ing so, it shall ap­ply col­lat­er­al dis­counts (hair­cuts) to the li­quid­ity that would be ap­pro­pri­ate even un­der ex­treme but plaus­ible mar­ket con­di­tions. It shall di­ver­si­fy its sources of li­quid­ity.

⁴The in­vest­ment strategy of the pay­ment sys­tem must be in har­mony with its risk man­age­ment strategy. It must avoid con­cen­tra­tion risks.