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

(Art. 108 lit. b FMIA)

¹The de­tails for re­con­cil­ing the port­fo­li­os must be agreed pri­or to com­plet­ing an OTC de­riv­at­ives trans­ac­tion.

²The port­fo­lio re­con­cili­ation shall en­com­pass the key terms of the con­cluded OTC de­riv­at­ives trans­ac­tions and their valu­ation.

³It may also be car­ried out by a third party ap­poin­ted by one of the coun­ter­parties.

⁴It must be car­ried out:

a.

every busi­ness day if there are 500 or more OTC de­riv­at­ives trans­ac­tions out­stand­ing between the coun­ter­parties;

b.

once a week if there are between 51 and 499 OTC de­riv­at­ives trans­ac­tions out­stand­ing between the coun­ter­parties at any point dur­ing the week;

c.

once a quarter if there are 50 or less OTC de­riv­at­ives trans­ac­tions out­stand­ing between the coun­ter­parties at any point dur­ing the quarter.

⁵De­riv­at­ives not covered by the clear­ing duty un­der Art­icle 101 para­graph 3 let­ter b FMIA are not factored in for pur­poses of de­term­in­ing out­stand­ing trans­ac­tions in ac­cord­ance with para­graph 4.