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Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Ordinance, FinMIO)
Art.66Clearing and settlement principles
(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.