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

(Art. 51 FMIA)

¹The cent­ral coun­ter­party must hold total cap­it­al in the amount 8.0% (min­im­um cap­it­al re­quire­ment) to un­der­pin cred­it risks, non-coun­ter­party-re­lated risks, mar­ket risks and op­er­a­tion­al risks in ac­cord­ance with Art­icle 42 CAO¹. FINMA may de­mand ad­di­tion­al cap­it­al in ac­cord­ance with Art­icle 45 CAO. Titles 1 to 3 CAO ap­ply to the cal­cu­la­tion.²

²The ded­ic­ated cap­it­al in ac­cord­ance with Art­icle 53 para­graph 2 let­ter c FMIA shall amount to at least 25% of the re­quired cap­it­al set out in Title 3 CAO.

³The cent­ral coun­ter­party shall hold fur­ther cap­it­al in or­der to cov­er the costs of a vol­un­tary ces­sa­tion of busi­ness or re­struc­tur­ing. In the case of sys­tem­ic­ally im­port­ant cent­ral coun­ter­parties, this 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.

⁴In spe­cial cases, FINMA can ease the re­quire­ments set out in the para­graphs 1 to 3 or im­pose more rig­or­ous re­quire­ments.

⁵The cent­ral coun­ter­party must have a plan that sets out how fur­ther cap­it­al is to be pro­cured if its cap­it­al no longer ful­fils the re­quire­ments set out in para­graphs 1 to 4. The plan must be ap­proved by the body re­spons­ible for gov­ernance, su­per­vi­sion and con­trol.

⁶If its cap­it­al falls short of 110% of the re­quire­ments set out in para­graphs 1 to 4, the cent­ral coun­ter­party shall im­me­di­ately in­form FINMA and its audit firm, and shall provide FINMA with a plan that sets out how the threshold can once again be ad­hered to.