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Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Ordinance, FinMIO)
Art. 70Liquidity
(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.