Ordinance
on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(Financial Market Infrastructure Ordinance, FinMIO)

(Art. 11 para. 1 Fin­MIA)

¹ Es­sen­tial ser­vices are deemed to be ser­vices that are ne­ces­sary for the con­tinu­ation of im­port­ant busi­ness pro­cesses, in par­tic­u­lar in the areas of li­quid­ity man­age­ment, treas­ury, risk man­age­ment, mas­ter data ad­min­is­tra­tion and ac­count­ing, per­son­nel, in­form­a­tion tech­no­logy, and leg­al and com­pli­ance.

² The fol­low­ing ser­vices are also deemed to be es­sen­tial:

a.

in the case of trad­ing ven­ues:

1.

all activ­it­ies con­duc­ted with the aim of en­sur­ing fair, ef­fi­cient and or­derly trad­ing,

2.

the op­er­at­ing of match­ing and mar­ket data dis­tri­bu­tion sys­tems;

b.

in the case of cent­ral coun­ter­parties:

1.

con­trac­tu­ally en­ter­ing in­to se­cur­it­ies trans­ac­tions or oth­er con­tracts in­volving fin­an­cial in­stru­ments between two par­ti­cipants or between one par­ti­cipant and an­oth­er cent­ral coun­ter­party,

2.

the es­tab­lish­ment of mech­an­isms re­lat­ing to the plan­ning for and pro­tec­tion against out­ages of par­ti­cipants or in­ter­op­er­ably as­so­ci­ated cent­ral coun­ter­parties, or re­lat­ing to the se­greg­a­tion of the po­s­i­tions of in­dir­ect par­ti­cipants and cli­ents of par­ti­cipants or to the trans­fer of po­s­i­tions to oth­er par­ti­cipants;

c.

in the case of cent­ral se­cur­it­ies de­pos­it­or­ies:

1.

the op­er­a­tion of a cent­ral cus­todi­an or se­cur­it­ies set­tle­ment sys­tem,

2.

the ini­tial re­cord­ing of se­cur­it­ies in a se­cur­it­ies ac­count,

3.

the re­con­cili­ation of hold­ings;

d.

in the case of trade re­pos­it­or­ies:

1.

the col­lec­tion, man­age­ment and re­ten­tion of the re­por­ted data,

2.

the pub­lic­a­tion of re­por­ted data,

3.

the grant­ing of ac­cess to re­por­ted data;

e.

in the case of pay­ment sys­tems:

1.

the ac­cept­ance and ex­e­cu­tion of par­ti­cipants' pay­ment or­ders,

2.

the man­age­ment of clear­ing ac­counts;

f.³

in the case of trad­ing fa­cil­it­ies for dis­trib­uted ledger tech­no­logy se­cur­it­ies (DLT trad­ing fa­cil­it­ies) that do not provide ser­vices in ac­cord­ance with Art­icle 73a para­graph 1 let­ter b or c of the Fin­MIA:

1.

all activ­it­ies con­duc­ted with the aim of en­sur­ing fair, ef­fi­cient and or­derly trad­ing,

2.

the op­er­at­ing of match­ing and mar­ket data dis­tri­bu­tion sys­tems;

g.⁴

in the case of DLT trad­ing fa­cil­it­ies that provide ser­vices in ac­cord­ance with Art­icle 73a para­graph 1 let­ter b or c of the Fin­MIA:

1.

the ser­vices un­der let­ter f,

2.

the cent­ral cus­tody of DLT se­cur­it­ies or the clear­ing and set­tle­ment of trans­ac­tions in DLT se­cur­it­ies,

3.

the ini­tial re­cord­ing of DLT se­cur­it­ies in a se­cur­it­ies ac­count,

4.

the re­con­cili­ation of hold­ings.