For derivatives, the SNB oversees systemically important central counterparties, central securities depositories, and payment systems, in Switzerland and in certain cases abroad, and sets special requirements for them12. The derivatives trading chapter of the Financial Market Infrastructure Act does not apply to the SNB3. The individual rules are covered in the article on Switzerland.

Notes

  1. National Bank Act, Article 19(1) and (2) (oversight of systemically important central counterparties and similar infrastructures, including those located abroad in certain cases). ↩

  2. Financial Market Infrastructure Act, Article 23(1) to (3) (special requirements set by the SNB). ↩

  3. Financial Market Infrastructure Act, Article 94(1)(b). ↩