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

(Art. 30 Fin­MIA)

¹ The trad­ing ven­ue shall set trans­par­ent rules and pro­ced­ures for fair, ef­fi­cient and or­derly trad­ing, as well as ob­ject­ive cri­ter­ia for the ef­fect­ive ex­e­cu­tion of or­ders. It must have meas­ures in place to en­sure the ro­bust man­age­ment of tech­nic­al pro­cesses and the op­er­a­tion of its sys­tems.

² It must pos­sess ef­fect­ive sys­tems, pro­ced­ures and ar­range­ments to en­sure in par­tic­u­lar that its trad­ing fa­cil­it­ies:

a.

are ro­bust and equipped with suf­fi­cient ca­pa­city to deal with peak volumes of or­ders and an­nounce­ments;

b.

are in a po­s­i­tion to en­sure or­derly trad­ing un­der con­di­tions of severe mar­ket stress;

c.

are sub­ject to ef­fect­ive emer­gency meas­ures so that the res­tor­a­tion of busi­ness op­er­a­tions can be guar­an­teed in the event of dis­rup­tions to its trad­ing fa­cil­it­ies;

d.

re­ject or­ders that ex­ceed pre-de­term­ined volume and price thresholds or are clearly er­ro­neous;

e.

are in a po­s­i­tion to sus­pend or re­strict trad­ing tem­por­ar­ily if there are sig­ni­fic­ant short-term price move­ments with re­spect to a se­cur­ity on that mar­ket or a re­lated mar­ket;

f.

are in a po­s­i­tion to can­cel, amend or cor­rect any trans­ac­tion in ex­cep­tion­al cases; and

g.

are reg­u­larly re­viewed with a view to en­sur­ing that the re­quire­ments un­der let­ters a to f are met.

³ It must enter in­to an agree­ment, in writ­ing or in an­oth­er form that that al­lows for its proof by text, with all par­ti­cipants hold­ing a spe­cial func­tion, in par­tic­u­lar par­ti­cipants that pur­sue a mar­ket-mak­ing strategy in the trad­ing ven­ue. It shall main­tain sys­tems and pro­ced­ures that en­sure that these par­ti­cipants com­ply with the reg­u­la­tions.¹³

⁴ It may also pre­scribe in its reg­u­la­tions that par­ti­cipants must flag up short-selling po­s­i­tions in its trad­ing fa­cil­ity.