FINMA Financial Market Infrastructure Ordinance
(Art. 101 FinMIA)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
Art. 6 Principle
1 The derivatives categories to be cleared via a central counterparty are listed in Annex 1. 2 The decision whether to list derivatives categories in Annex 1 is based on whether: a. the contract conditions contain the usual legal documents for the sector with the usual contract specifications listed by counterparties; b. the operational processes are subject to automated post-trade processing and there are standardised lifecycle events managed in accordance with a generally agreed schedule; c. the margin or financial requirements of the central counterparty are adequately proportionate to the risk being mitigated by the obligatory clearing; d. the size and depth of the product's market are stable over the long term; e. if a participant in a central counterparty defaults, the market segmentation remains sufficiently high; f. the number and value of the previously concluded transactions are sufficiently high; g. the information required for the formation of prices is readily available on
Art. 7 Determination of the OTC derivatives for clearing
1 When licensing a Swiss central counterparty or recognising a foreign central counterparty, FINMA determines which of the derivatives cleared by the central counterparty are subject to the clearing obligation. FINMA shall take into consideration the criteria under Article 6 paragraph 2 as well as international standards when determining the clearing obligation. 2 If the central counterparty clears additional derivatives categories subsequently to obtaining a licence or recognition, it shall inform FINMA thereof. 3 Upon request it must deliver all information to FINMA necessary to determine the derivatives categories subject to the clearingobligation.