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 must have suf­fi­cient li­quid­ity in ac­cord­ance with Art­icle 58 para­graph 1:

a.

to ful­fil its pay­ment ob­lig­a­tions in all cur­ren­cies un­der ex­treme but plaus­ible mar­ket con­di­tions, even in the event of the de­fault of the par­ti­cipant to which it has its greatest ex­pos­ure; and

b.

to be able to duly ex­ecute its ser­vices and activ­it­ies.

² It shall in­vest its fin­an­cial re­sources solely in cash or in li­quid fin­an­cial in­stru­ments with a low mar­ket and cred­it risk.

³ It shall reg­u­larly re­view com­pli­ance with the re­quire­ments set out in para­graph 1 un­der vari­ous stress scen­ari­os. In do­ing so, it shall ap­ply col­lat­er­al dis­counts (hair­cuts) to the li­quid­ity that would be ap­pro­pri­ate even un­der ex­treme but plaus­ible mar­ket con­di­tions. It shall di­ver­si­fy its sources of li­quid­ity.

⁴ The in­vest­ment strategy of the pay­ment sys­tem must be in har­mony with its risk man­age­ment strategy. It must avoid con­cen­tra­tion risks.