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

The amend­ment of oth­er le­gis­lat­ive in­stru­ments is set out in An­nex 1.

²The Fed­er­al De­part­ment of Home Af­fairs may ex­tend the time­frame set out in this para­graph 1 in or­der to take ac­count of re­cog­nised in­ter­na­tion­al stand­ards and for­eign leg­al de­vel­op­ments.

³The duty to ex­change col­lat­er­al in ac­cord­ance with Art­icle 110 of the Fin­MIA ap­plies only to de­riv­at­ives trans­ac­tions con­cluded after the du­ties un­der para­graphs 4 and 5^bis have entered in­to force.¹

⁴The duty to ex­change vari­ation mar­gins shall ap­ply:

a.

from 1 Septem­ber 2016: for coun­ter­parties whose ag­greg­ated month-end av­er­age gross po­s­i­tion of non-cent­rally-cleared OTC de­riv­at­ives at group or fin­an­cial or in­sur­ance group level for the months of March, April and May 2016 is great­er than CHF 3,000 bil­lion;

b.

from 1 Septem­ber 2017: for all oth­er coun­ter­parties.

⁵The duty to ex­change ini­tial mar­gins shall ap­ply for coun­ter­parties whose ag­greg­ated month-end av­er­age gross po­s­i­tion of non-cent­rally-cleared OTC de­riv­at­ives at group or fin­an­cial or in­sur­ance group level:

a.

is great­er than CHF 3,000 bil­lion for each of the months of March, April and May 2016: from 1 Septem­ber 2016;

b.

is great­er than CHF 2,250 bil­lion for each of the months of March, April and May 2017: from 1 Septem­ber 2017;

c.

is great­er than CHF 1,500 bil­lion for each of the months of March, April and May 2018: from 1 Septem­ber 2018;

d.

is great­er than CHF 750 bil­lion for each of the months of March, April and May 2019: from 1 Septem­ber 2019;

d^bis.²

is great­er than CHF 50 bil­lion for each of the months of March, April and May 2020: from 1 Septem­ber 2020;

e.³

is great­er than CHF 8 bil­lion for each of the months of March, April and May 2020: from 1 Septem­ber 2021.⁴

^5bisThe duty to ex­change col­lat­er­al ap­plies from 4 Janu­ary 2020 for non-cent­rally cleared OTC de­riv­at­ives trans­ac­tions that are op­tions on in­di­vidu­al equit­ies, in­dex op­tions or sim­il­ar equity de­riv­at­ives such as de­riv­at­ives on bas­kets of equit­ies.⁵

⁶FINMA may ex­tend the time­frames set out in this Art­icle in or­der to take ac­count of re­cog­nised in­ter­na­tion­al stand­ards and for­eign leg­al de­vel­op­ments.