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

(Art. 97 and 101 para. 2 Fin­MIA)

The duty to clear de­riv­at­ives trans­ac­tions via au­thor­ised or re­cog­nised cent­ral coun­ter­parties ap­plies from the point at which FINMA pub­lishes the clear­ing duty for the de­riv­at­ive cat­egory in ques­tion:

a.

after the ex­piry of six months: for de­riv­at­ives trans­ac­tions which par­ti­cipants in an au­thor­ised or re­cog­nised cent­ral coun­ter­party con­clude anew with one an­oth­er;

b.

after the ex­piry of 12 months: for de­riv­at­ives trans­ac­tions which:

1.

par­ti­cipants in an au­thor­ised or re­cog­nised cent­ral coun­ter­party con­clude anew with oth­er fin­an­cial coun­ter­parties that are not small, or

2.

oth­er fin­an­cial coun­ter­parties that are not small con­clude anew with one an­oth­er;

c.

after the ex­piry of 18 months: for all oth­er de­riv­at­ives trans­ac­tions con­cluded anew.