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

Art. 48 Capital adequacy

(Art. 51 Fin­MIA)

1 The cent­ral coun­ter­party must hold a min­im­um cap­it­al in the amount of 8.0% in ac­cord­ance with Art­icle 42 para­graph 1 let­ter b CAO17.18 FINMA may de­mand ad­di­tion­al cap­it­al in ac­cord­ance with Art­icle 45 CAO. Titles 1 to 3 CAO ap­ply to the cal­cu­la­tion.19

2 The ded­ic­ated cap­it­al in ac­cord­ance with Art­icle 53 para­graph 2 let­ter c Fin­MIA shall amount to at least 25% of the re­quired cap­it­al set out in Title 3 CAO.

3 The cent­ral coun­ter­party shall hold fur­ther cap­it­al in or­der to cov­er the costs of a vol­un­tary ces­sa­tion of busi­ness or re­struc­tur­ing. In the case of sys­tem­ic­ally im­port­ant cent­ral coun­ter­parties, this cap­it­al must suf­fice to im­ple­ment the plan set out in Art­icle 72, but must at least be suf­fi­cient to cov­er on­go­ing op­er­at­ing ex­pendit­ure for six months.

4 In spe­cial cases, FINMA can ease the re­quire­ments set out in the para­graphs 1 to 3 or im­pose more rig­or­ous re­quire­ments.

5 The cent­ral coun­ter­party must have a plan that sets out how fur­ther cap­it­al is to be pro­cured if its cap­it­al no longer ful­fils the re­quire­ments set out in para­graphs 1 to 4. The plan must be ap­proved by the body re­spons­ible for gov­ernance, su­per­vi­sion and con­trol.

6 If its cap­it­al falls short of 110% of the re­quire­ments set out in para­graphs 1 to 4, the cent­ral coun­ter­party shall im­me­di­ately in­form FINMA and its audit firm, and shall provide FINMA with a plan that sets out how the threshold can once again be ad­hered to.

17 SR 952.03

18 Amended by An­nex No 5 of the O of 29 Nov. 2023, in force since 1 Jan. 2025 (AS 2024 13).

19 Amended by At­tach­ment No 2 to the O of 11 May 2016, in force since 1 Ju­ly 2016 (AS 2016 1725).

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