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

English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.

of 25 November 2015 (Status as of 1 August 2021)
Art. 66 Clearing and settlement principles

(Art. 82 Fin­MIA)

1 The pay­ment sys­tem shall en­sure the prop­er and law­ful clear­ing and set­tle­ment of pay­ment ob­lig­a­tions.

2 It shall spe­cify the time:

a.
after which a pay­ment or­der is ir­re­voc­able and may no longer be changed;
b.
when a pay­ment is settled.

3 Pay­ment sys­tems that use a com­mon set­tle­ment in­fra­struc­ture shall es­tab­lish identic­al times for:

a.
the entry of pay­ment or­ders in­to the sys­tem of the com­mon set­tle­ment in­fra­struc­ture;
b.
the ir­re­voc­ab­il­ity of pay­ment or­ders.

4 The pay­ment sys­tem shall settle pay­ments in real time if pos­sible, but at the latest at the end of the value day.

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