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

Art. 96 Portfolio reconciliation

(Art. 108 lit. b Fin­MIA)

1 The de­tails for re­con­cil­ing the port­fo­li­os must be agreed pri­or to com­plet­ing an OTC de­riv­at­ives trans­ac­tion.

2 The port­fo­lio re­con­cili­ation shall en­com­pass the key terms of the con­cluded OTC de­riv­at­ives trans­ac­tions and their valu­ation.

3 It may also be car­ried out by a third party ap­poin­ted by one of the coun­ter­parties.

4 It must be car­ried out:

a.
every busi­ness day if there are 500 or more OTC de­riv­at­ives trans­ac­tions out­stand­ing between the coun­ter­parties;
b.
once a week if there are between 51 and 499 OTC de­riv­at­ives trans­ac­tions out­stand­ing between the coun­ter­parties at any point dur­ing the week;
c.
once a quarter if there are 50 or less OTC de­riv­at­ives trans­ac­tions out­stand­ing between the coun­ter­parties at any point dur­ing the quarter.

5 De­riv­at­ives not covered by the clear­ing duty un­der Art­icle 101 para­graph 3 let­ter b Fin­MIA are not factored in for pur­poses of de­term­in­ing out­stand­ing trans­ac­tions in ac­cord­ance with para­graph 4.