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

(Art. 2 lit. b and c Fin­MIA)

¹ Se­cur­it­ies are deemed to be stand­ard­ised and suit­able for mass trad­ing if they are pub­licly offered for sale in the same struc­ture and de­nom­in­a­tion or are placed with more than 20 cli­ents, in­so­far as they have not been cre­ated es­pe­cially for in­di­vidu­al coun­ter­parties.²

² De­riv­at­ives are deemed to com­prise fin­an­cial con­tracts whose price is de­rived spe­cific­ally from:

a.

as­sets such as shares, bonds, com­mod­it­ies and pre­cious metals;

b.

ref­er­ence val­ues such as cur­ren­cies, in­terest rates and in­dices.

³ The fol­low­ing are not deemed to be de­riv­at­ives:

a.

spot trans­ac­tions;

b.

de­riv­at­ives trans­ac­tions re­lat­ing to elec­tri­city and gas which:

1.

are traded on an or­gan­ised trad­ing fa­cil­ity,

2.

must be phys­ic­ally de­livered, and

3.

can­not be settled in cash at a party's dis­cre­tion;

c.

de­riv­at­ives trans­ac­tions re­lat­ing to cli­mat­ic vari­ables, freight rates, in­fla­tion rates or oth­er of­fi­cial eco­nom­ic stat­ist­ics that are settled in cash only in the event of a de­fault or oth­er ter­min­a­tion event.

⁴ Spot trans­ac­tions are deemed to be trans­ac­tions that are settled either im­me­di­ately or fol­low­ing ex­piry of the de­ferred set­tle­ment dead­line with­in two busi­ness days. Spot trans­ac­tions are also deemed to be:

a.

trans­ac­tions that are settled with a longer set­tle­ment dead­line in ac­cord­ance with the mar­ket norm for the cur­rency pair in ques­tion;

b.

pur­chases or sales of se­cur­it­ies, ir­re­spect­ive of their cur­rency, which are paid for by the dead­line pre­scribed by the reg­u­lat­or or by a dead­line that is cus­tom­ary in the mar­ket;

c.

trans­ac­tions that are con­tinu­ously ex­ten­ded without there be­ing a leg­al ob­lig­a­tion or without such an ex­ten­sion between the parties be­ing usu­al.