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

(Art. 110 Fin­MIA)

¹The ini­tial mar­gin must be cal­cu­lated for the first time with­in one busi­ness day of the ex­e­cu­tion of the de­riv­at­ives trans­ac­tion. It must be re­cal­cu­lated reg­u­larly, but at least every ten busi­ness days.

²If both of the coun­ter­parties are in the same time zone, the cal­cu­la­tion is to be based on the pre­vi­ous day's net­ting set. If the two coun­ter­parties are not in the same time zone, the cal­cu­la­tion is to be based on the net­ting set trans­ac­tions that were ex­ecuted on the pre­vi­ous day be­fore 4pm in the earli­er of the two time zones.

³ The ini­tial mar­gin is to be paid on the re­spect­ive cal­cu­la­tion day ac­cord­ing to para­graph 1. The cus­tom­ary time­frames ap­ply for set­tle­ment.