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

(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.