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

(Art. 73f Fin­MIA)

¹ A DLT trad­ing fa­cil­ity is deemed to be small if the fol­low­ing thresholds are un­der­cut in re­la­tion to DLT se­cur­it­ies:

a.

An­nu­al trad­ing volume: CHF 250 mil­lion;

b.

Cus­tody volume: CHF 100 mil­lion; and

c.

An­nu­al set­tle­ment volume: CHF 250 mil­lion.

² If a threshold is reached or ex­ceeded, the DLT trad­ing fa­cil­ity must re­port this to FINMA with­in 10 days. It must sub­mit a mod­i­fied ap­plic­a­tion for au­thor­isa­tion as provided for in the Fin­MIA to FINMA with­in 90 days.

³ The trad­ing fa­cil­ity shall no longer be deemed to be small after 90 days from the time at which a threshold is reached or ex­ceeded. The DLT trad­ing fa­cil­ity may, however, con­tin­ue to ap­ply the eased re­quire­ments for small DLT trad­ing fa­cil­it­ies un­til FINMA makes its de­cision on the au­thor­isa­tion ap­plic­a­tion.

⁴ Where this serves the pro­tect­ive pur­pose of the Fin­MIA, FINMA may pro­hib­it the DLT trad­ing fa­cil­ity from ad­mit­ting fur­ther par­ti­cipants un­til the de­cision is made on the ap­plic­a­tion for au­thor­isa­tion.