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

(Art. 55 FMIA)

¹Port­ab­il­ity is en­sured if:

a.

the trans­fer is en­force­able in the rel­ev­ant jur­is­dic­tions; and

b.

the oth­er par­ti­cipant has an ob­lig­a­tion to­wards the in­dir­ect par­ti­cipant to as­sume the lat­ter's col­lat­er­al and po­s­i­tions.

²If a trans­fer can­not take place by the dead­line set by the cent­ral coun­ter­party, the cent­ral coun­ter­party may take all pre­cau­tions in ac­cord­ance with its reg­u­la­tions to act­ively man­age the risks with re­spect to the po­s­i­tions in ques­tion, in­clud­ing the li­quid­a­tion of as­sets and col­lat­er­al of the par­ti­cipant in de­fault who holds this for the ac­count of an in­dir­ect par­ti­cipant or its cli­ents.