# Switzerland

> Swiss derivatives regulation requires Swiss financial and non-financial counterparties to report derivatives transactions, to clear certain OTC derivatives, to mitigate risk on uncleared trades, and to meet related duties. It rests on the Financial Market Infrastructure Act (FinMIA) and its ordinance, and FINMA is the competent authority. The Swiss National Bank (SNB) also oversees systemically important financial market infrastructures.

- URL: https://www.derivatives-compass.org/en/regulation-other/switzerland/
- Area: Regulation: Other Jurisdictions › Regulation in Other Jurisdictions
- Last reviewed: 2026-10-23
- 日本語版: https://www.derivatives-compass.org/ja/regulation-other/switzerland/index.md

## Key points

- The duties fall on financial and non-financial counterparties based in Switzerland; trades with a small counterparty below the threshold are exempt from clearing.
- The clearing duty and the obligation to trade on venues cover the categories of derivatives that FINMA has designated.
- Derivatives transactions are reported by the next business day to a trade repository that FINMA has authorized or recognized.
- Uncleared OTC derivatives require risk mitigation, such as confirmation and valuation, and the exchange of collateral.
- FINMA authorizes or recognizes central counterparties and trade repositories, and equivalent foreign law or a recognized foreign infrastructure also satisfies the Swiss duties.

A Swiss bank or company entering into an [OTC derivative](https://www.derivatives-compass.org/en/glossary/otc-derivative/) checks whether the counterparty is a small counterparty, whether the trade must be cleared, and where it must be reported. For uncleared trades, it also checks whether [collateral](https://www.derivatives-compass.org/en/glossary/collateral/) must be exchanged.

## Position and competent authorities

The core of Swiss [derivatives](https://www.derivatives-compass.org/en/glossary/derivative/) regulation is the derivatives trading chapter of the Financial Market Infrastructure Act (FinMIA; its German abbreviation is FinfraG)[^names]. The Act governs the organization and operation of [financial market infrastructures](https://www.derivatives-compass.org/en/glossary/financial-market-infrastructure/) and the conduct of participants in securities and derivatives trading. Its aims are the proper functioning and transparency of the markets, the stability of the financial system, the protection of participants, and equal treatment of investors[^aim].

The derivatives trading chapter requires four things: clearing, reporting to a trade repository, risk mitigation for uncleared trades, and trading on trading venues. Numerical thresholds and detailed scope are set by the Financial Market Infrastructure Ordinance (FinMIO) of the Federal Council (the government) and by [FINMA](https://www.derivatives-compass.org/en/glossary/finma/)'s own Financial Market Infrastructure Ordinance (FinMIO-FINMA)[^layers]. The background to the international reforms is covered in [The G20 OTC Derivatives Reforms](https://www.derivatives-compass.org/en/regulation-global/g20-otc-reform/).

FINMA is a public-law institution established by the Financial Market Supervision Act, with its own legal personality. It supervises the financial market under the financial market acts[^finma-status]. Under the FinMIA, it authorizes Swiss financial market infrastructures, recognizes foreign ones, and supervises them[^finma-role].

The [Swiss National Bank](https://www.derivatives-compass.org/en/glossary/snb/) (SNB) is Switzerland's central bank. To protect financial stability, it oversees systemically important [central counterparties](https://www.derivatives-compass.org/en/glossary/central-counterparty/), central securities depositories, and payment systems, and sets special requirements for them[^snb-role]. A systemically important infrastructure is subject to both FINMA supervision and SNB oversight. The two authorities carry out their work jointly, exchange information regularly, and avoid overlaps[^snb-fmia].

| Item                                         | Instrument                                                     | Articles                  |
| -------------------------------------------- | -------------------------------------------------------------- | ------------------------- |
| Framework of duties                          | Financial Market Infrastructure Act (FinMIA)                   | Articles 93 to 117        |
| Thresholds, risk mitigation, start of duties | Financial Market Infrastructure Ordinance (FinMIO)             | Articles 76 to 114        |
| List of products subject to clearing         | FINMA Financial Market Infrastructure Ordinance (FinMIO-FINMA) | Articles 6 and 7, Annex 1 |
| Status and tasks of FINMA                    | Financial Market Supervision Act (FINMASA)                     | Articles 5 and 6          |
| SNB oversight                                | National Bank Act (NBA)                                        | Articles 19 to 21         |

The legal texts were checked as published on Fedlex on October 23, 2026. The versions are the FinMIA as of February 1, 2024 and the FinMIO as of January 1, 2025. They also include the FinMIO-FINMA as of February 1, 2023, the FINMASA as of April 1, 2025, and the National Bank Act as of September 1, 2023[^version].

## Covered transactions and parties

The FinMIA defines a derivative as a financial contract whose value depends on one or more underlying assets and which is not a cash transaction[^def-deriv]. The following are not derivatives for the purposes of the derivatives trading chapter[^excl]:

- Structured products such as capital-protected products, capped return products, and certificates
- Securities lending and borrowing
- Commodity derivatives that must be physically delivered, cannot be cash-settled at a party's discretion, and are not traded on a trading venue
- Derivatives issued in the form of a security, and derivatives accepted in the form of a deposit

The chapter applies to [financial](https://www.derivatives-compass.org/en/glossary/financial-counterparty/) and non-financial counterparties with their registered office in Switzerland[^scope].

| Category                                             | Who is included                                                                                                                                                                                                                            |
| ---------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Financial counterparty                               | Banks, securities firms, insurers and reinsurers, parent companies of financial or insurance groups, asset managers and fund management companies, collective investment schemes, pension schemes and investment foundations               |
| Non-financial counterparty                           | Companies that are not financial counterparties                                                                                                                                                                                            |
| Parties and counterparties subject only to reporting | Multilateral development banks, bodies of the Confederation, cantons, or communes (if not financial counterparties), foreign central banks, the [ECB](https://www.derivatives-compass.org/en/glossary/ecb/), the EFSF, the ESM, and others |
| Outside the chapter                                  | The Confederation, cantons, communes, the SNB, and the Bank for International Settlements (BIS)                                                                                                                                            |

FINMA can subject the Swiss branch of a foreign financial market participant to the chapter if the branch's regulation falls well short of the Swiss requirements[^branch].

A small counterparty is one whose rolling 30-business-day average gross position in outstanding OTC derivatives is below a threshold. Non-financial counterparties have thresholds by category, and financial counterparties have one threshold for all categories combined[^small-def].

| Party                      | Positions counted                                               | Threshold       |
| -------------------------- | --------------------------------------------------------------- | --------------- |
| Non-financial counterparty | Credit and equity derivatives                                   | CHF 1.1 billion |
| Non-financial counterparty | Interest rate, currency, commodity, and other derivatives       | CHF 3.3 billion |
| Financial counterparty     | All OTC derivatives (at the financial or insurance group level) | CHF 8 billion   |

A party that consolidates a group also counts the group's intra-group transactions. Risk-reducing transactions directly linked to business activity, liquidity management, or asset management are excluded from a non-financial counterparty's calculation[^calc]. A counterparty that exceeds a threshold stops being small four months after the day it exceeds it[^loses-small]. A party may rely on its counterparty's declaration of its status unless there are indications to the contrary, and the declaration applies to all duties in the chapter[^declaration].

## Requirements

Transactions involving a small counterparty are exempt from the clearing duty, and the exchange of collateral does not apply to transactions with a small non-financial counterparty.

### Clearing duty

The [clearing duty](https://www.derivatives-compass.org/en/glossary/mandatory-clearing/) applies to OTC derivatives transactions, meaning those not conducted through a trading venue, in the categories FINMA has designated. The transaction is cleared through a central counterparty that FINMA has authorized or recognized. Transactions with small counterparties, and between small counterparties, are exempt[^clear-duty]. FINMA designates categories by looking at the standardization of the contracts, liquidity, trading volumes, the availability of pricing information, and counterparty risk. It cannot designate a derivative that no central counterparty clears[^clear-cat].

The version of the FinMIO-FINMA in force from February 1, 2023, lists the following categories as subject to clearing[^annex1].

| Type                                                                                                                         | Reference rate or index                                                 | Currency       | Term                      |
| ---------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------- | -------------- | ------------------------- |
| Basis swaps and fixed-to-floating [interest rate swaps](https://www.derivatives-compass.org/en/glossary/interest-rate-swap/) | EURIBOR                                                                 | Euro           | 28 days to 50 years       |
| [FRAs](https://www.derivatives-compass.org/en/glossary/fra/) (forward rate agreements)                                       | EURIBOR                                                                 | Euro           | 3 days to 3 years         |
| [OIS](https://www.derivatives-compass.org/en/glossary/ois/)                                                                  | FedFunds, [SOFR](https://www.derivatives-compass.org/en/glossary/sofr/) | US dollar      | 7 days to 3 years         |
| OIS                                                                                                                          | €STR                                                                    | Euro           | 7 days to 3 years         |
| OIS                                                                                                                          | [SONIA](https://www.derivatives-compass.org/en/glossary/sonia/)         | Pound sterling | 7 days to 50 years        |
| OIS                                                                                                                          | [TONA](https://www.derivatives-compass.org/en/glossary/tona/)           | Yen            | 7 days to 30 years        |
| Index [credit default swaps](https://www.derivatives-compass.org/en/glossary/credit-default-swap/)                           | iTraxx Europe Main, Crossover                                           | Euro           | Series 17 onward, 5 years |

The following transactions need not be cleared[^clear-exc]:

- Transactions concluded before the party stopped being small
- Intra-group transactions between two parties in the same consolidation, subject to centralized risk management, that do not aim to circumvent the duty
- [Cross-currency swaps](https://www.derivatives-compass.org/en/glossary/currency-swap/) and [FX forwards](https://www.derivatives-compass.org/en/glossary/fx-forward/) whose settlement is guaranteed ([PvP](https://www.derivatives-compass.org/en/glossary/payment-versus-payment/))
- Transactions of a covered bond issuer that hedge interest rate or currency risk and meet conditions such as a collateral ratio of at least 102%
- Cross-border transactions where the counterparty is based in a jurisdiction FINMA recognizes as equivalent and is not subject to a clearing duty under that country's law

The duty also covers a transaction with a foreign counterparty if that counterparty would itself be subject to the clearing duty were it based in Switzerland[^clear-xb]. This applies to Swiss parties subject to the duty. The duty starts in stages after FINMA publishes a category. It starts 6 months later for new transactions between participants of the same central counterparty. It starts 12 months later for transactions between participants and financial counterparties that are not small, among others, and 18 months later for all other new transactions[^clear-phase].

### Trade reporting

Derivatives transactions, including exchange-traded ones, are reported to a [trade repository](https://www.derivatives-compass.org/en/glossary/trade-repository/) that FINMA has authorized or recognized[^tr-duty]. The reporting party depends on the status of the parties to the transaction[^tr-who].

| Transaction                                          | Reporting party                                                                                     |
| ---------------------------------------------------- | --------------------------------------------------------------------------------------------------- |
| Between a financial and a non-financial counterparty | The financial counterparty                                                                          |
| Between two financial counterparties                 | The one that is not small; if both are small or both are not small, the seller                      |
| Between two non-financial counterparties             | The same rules apply by analogy; no report between two small ones                                   |
| The foreign counterparty does not report             | The party with its registered office in Switzerland                                                 |
| Centrally cleared transaction                        | The central counterparty; the parties, if a recognized foreign central counterparty does not report |

The report is due by the next business day after the transaction is concluded, amended, or terminated. At a minimum it contains the names and seats of the parties, the type of transaction, the maturity, the notional amount, the price, the settlement date, and the currency. The ordinance sets the list of reported fields[^tr-content]. Third parties may be used to report. The supporting documents for a transaction are kept under the retention rules of the Code of Obligations[^tr-third].

Separately, securities firms and participants in a trading venue report their securities and derivatives transactions to a trading venue. Derivatives on securities admitted to trading on a venue are reported to that venue. This report is used for market surveillance and is a separate duty from reporting to a trade repository[^tr-venue].

### Obligation to trade on venues

The Act requires derivatives designated by FINMA to be traded through a trading venue authorized or recognized by FINMA or through the operator of an [organised trading facility](https://www.derivatives-compass.org/en/glossary/organised-trading-facility/). Transactions involving small counterparties, cross-currency swaps and FX forwards with guaranteed settlement, and derivatives that no venue admits to trading are exempt. The duty starts 6, 9, or 12 months after FINMA publishes the derivative category, depending on the parties[^trade-duty]. The February 1, 2023 version of the FinMIO-FINMA has a list of products subject to clearing but no list of products subject to the trading duty[^trade-annex].

### Operational risk mitigation for uncleared trades

Uncleared OTC derivatives are subject to risk mitigation duties. The following are exempt: transactions with parties subject only to reporting or outside the chapter, transactions that are not between companies, cross-currency swaps and FX forwards with guaranteed settlement, and transactions cleared voluntarily[^rm-scope].

The following are required for operational and counterparty risk[^rm-ops].

| Duty                                                                                                  | Content                                                                                                                |
| ----------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------- |
| Confirmation                                                                                          | Terms confirmed by both sides within 2 business days of the trade (3 if concluded after 4 p.m.)                        |
| Extension of the deadline                                                                             | One more business day for complex transactions and small parties                                                       |
| [Portfolio reconciliation](https://www.derivatives-compass.org/en/glossary/portfolio-reconciliation/) | Every business day for 500 or more outstanding trades, weekly for 51 to 499, quarterly for 50 or fewer                 |
| Dispute resolution                                                                                    | Jurisdiction and governing law agreed by the trade date, and a procedure for disputes unresolved after 5 business days |
| [Portfolio compression](https://www.derivatives-compass.org/en/glossary/portfolio-compression/)       | At least twice a year for 500 or more outstanding trades, where it reduces risk                                        |
| [Mark-to-market](https://www.derivatives-compass.org/en/glossary/mark-to-market/)                     | Daily valuation at market prices, or by model when no market price is available                                        |

Reconciliation is not required for a small non-financial counterparty. Valuation is not required for transactions with a small counterparty.

### Collateral and margin

Collateral is exchanged, except by small non-financial counterparties. Parties must be able to segregate collateral from their own assets, and agreements on the direct realization of collateral remain valid in enforcement proceedings and insolvency measures[^collateral]. [Variation margin](https://www.derivatives-compass.org/en/glossary/variation-margin/) is calculated every business day from the valuation and paid. [Initial margin](https://www.derivatives-compass.org/en/glossary/initial-margin/) is exchanged by parties whose month-end average gross position in uncleared OTC derivatives (including FX with guaranteed settlement) for March, April, and May exceeds CHF 8 billion at group level. The duty then applies for the whole following calendar year[^im-threshold].

If the collateral to be exchanged is less than CHF 500,000, the exchange may be waived. The upper limit on the amount by which initial margin may be reduced is CHF 50 million (CHF 10 million for intra-group transactions). Initial margin may be waived for the currency components of currency derivatives[^im-waiver].

The standard initial margin rate depends on the type of derivative and its remaining term. A financial counterparty may calculate it with a market risk model approved by FINMA until an industry-wide standard model is established[^im-sched].

| Type and remaining term                                        | Rate |
| -------------------------------------------------------------- | ---- |
| Interest rate, up to 2 years                                   | 1%   |
| Interest rate, over 2 and up to 5 years; credit, up to 2 years | 2%   |
| Interest rate, over 5 years                                    | 4%   |
| Credit, over 2 and up to 5 years                               | 5%   |
| Foreign exchange                                               | 6%   |
| Credit, over 5 years                                           | 10%  |
| Equity, commodity, and others                                  | 15%  |

Initial margin is calculated for the first time within one business day of the trade and recalculated at least every ten business days. Cash initial margin is held with a central bank or a bank independent of the payer, cannot be offset, and in principle cannot be used for other purposes[^im-timing]. Eligible collateral includes cash deposits, high-quality government and corporate bonds, covered bonds, shares in major indices, gold, and money market funds. Collateral is valued after a [haircut](https://www.derivatives-compass.org/en/glossary/haircut/), with an additional 8% where the currencies differ[^eligible].

### Central counterparties and trade repositories

Recognition of a foreign central counterparty requires appropriate regulation and supervision. The foreign authorities must also have no objection to the cross-border activity, undertake to inform FINMA of violations by Swiss participants, and provide FINMA with administrative assistance. For a foreign trade repository, the conditions on regulation and supervision, the absence of objections, and the notification of violations are the same. The last condition is not administrative assistance. Instead, the foreign authorities must confirm two points to the Swiss supervisory authority. First, onward transfer of the data to other foreign authorities is permitted only where mutual legal assistance is possible on transfer to a criminal authority. Second, the Swiss authorities have immediate access to trade repositories in that state[^ccp-def].

On FINMA's list dated October 22, 2026, the authorized Swiss central counterparty is SIX x-clear AG and the authorized Swiss trade repository is SIX Trade Repository AG. The Swiss trading venues are two exchanges, SIX Swiss Exchange and BX Swiss. Among foreign entities, 16 central counterparties are recognized, including LCH Limited, LCH SA, Eurex Clearing AG, CME, ICE Clear Credit, ICE Clear Europe, and Japan Securities Clearing Corporation. Two foreign trade repositories are recognized: DTCC Data Repository (Ireland) and REGIS-TR[^ccp-list].

As checked on October 23, 2026, the SNB names SIX x-clear as Switzerland's systemically important central counterparty. SIX x-clear clears shares, ETFs, and bonds traded on SIX Swiss Exchange and the London Stock Exchange. Among foreign infrastructures, the SNB names LCH Ltd and Eurex Clearing as systemically important for Switzerland. It explains that Eurex Clearing is important as the central counterparty for the Eurex exchange, where derivatives on Swiss underlying assets are traded[^snb-fmis].

On April 1, 2017, FINMA authorized SIX Trade Repository AG and recognized REGIS-TR S.A.[^tr-2017] The duties of trade repositories to retain and publish data are covered in [Trade Repositories](https://www.derivatives-compass.org/en/market-infrastructure/trade-repositories/).

## Equivalence of foreign law and the EU

A Swiss party is deemed to have met its Swiss duties if it meets them under foreign law that FINMA recognizes as equivalent, or if it trades through a foreign financial market infrastructure that FINMA recognizes[^equiv]. FINMA recognizes foreign law as equivalent if the derivatives trading duties and the supervisory provisions are comparable in their material effect. For clearing, the condition is that clearing largely reduces the systemic and counterparty risks of standardized OTC derivatives. For reporting, the report must contain at least the minimum information[^equiv-test]. Two Swiss parties can use foreign law for a transaction between them only if the transaction or one party has an objective connection with that law. A choice of governing law alone is not a connection.

In its guidance of July 2016, FINMA recognized the clearing, reporting, and risk mitigation provisions of the EU's EMIR as provisionally equivalent. A Swiss party using the EMIR provisions must, except for risk mitigation, use a foreign financial market infrastructure that FINMA recognizes. The guidance says FINMA will decide whether to confirm the provisional recognition in a regular assessment after the EU has finalized its rules[^emir-prov].

On the EU side, the European Commission recognized the supervision of Swiss central counterparties as equivalent in November 2015. A Swiss central counterparty needs [ESMA](https://www.derivatives-compass.org/en/glossary/esma/) authorization to clear across borders in the EU, and an equivalent supervisory regime is a prerequisite for it[^eu-ccp]. When FINMA updated the interest rate derivatives subject to clearing in December 2022, it said it had aligned itself closely with EU law[^eu-align].

## Entry into force and transitional measures

| Date               | Event                                                                                                                                                                       |
| ------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| June 19, 2015      | The Financial Market Infrastructure Act is enacted (the ordinance on November 25, 2015)[^tl-law]                                                                            |
| January 1, 2016    | The FinMIA and the FinMIO enter into force[^tl-start]                                                                                                                       |
| April 1, 2017      | SIX Trade Repository AG is authorized and REGIS-TR S.A. is recognized, triggering the phased start of reporting[^tl-tr]                                                     |
| February 1, 2023   | The FinMIO-FINMA enters into force with the updated list of interest rate derivatives subject to clearing[^tl-finma]                                                        |
| September 30, 2023 | The transitional exemption from the clearing duty for risk-reducing trades of pension schemes and similar bodies ends[^tl-pension]                                          |
| January 1, 2024    | Collateral exchange applies to equity derivatives such as equity options[^tl-equity]                                                                                        |
| January 1, 2028    | Transitional deadline for reporting outstanding transactions in "all other cases" (July 1, 2028 for transactions through trading venues and similar facilities)[^tl-report] |

Pension schemes and investment foundations were exempt from the clearing duty for risk-reducing transactions until September 30, 2023. The exchange of collateral for equity derivatives, such as options on individual equities or on indices, applies from January 1, 2024.

The deadline for reporting outstanding transactions runs from the first authorization or recognition of a trade repository. It is 6 months after that date where the reporting party is not a small financial counterparty or a central counterparty. It is 9 months after that date where it is a small financial counterparty or a non-financial counterparty that is not small. In all other cases the deadline is January 1, 2028. For transactions concluded through a trading venue or the operator of an organised trading facility, each of these deadlines is extended by 6 months. Initial margin was introduced by lowering the group-level threshold in steps, from September 1, 2016, until it reached CHF 8 billion on September 1, 2021[^tl-im].

## Examples of the clearing determination

Actual outcomes depend on the terms of each transaction and on how the authorities apply the rules.

**Figure 1: Is an OTC derivative subject to the clearing duty?**

There are 5 questions; the second and fifth exit as not subject on "yes", and the other three on "no". The exits, from the top, are outside Swiss law, a small counterparty, a trade through a trading venue, a category FINMA has not designated, and an exception. A transaction that passes all 5 is, in principle, subject to the clearing duty. A Swiss branch that FINMA has subjected to the chapter answers yes to the first question even if its head office is abroad[^fig-branch]. Other kinds of exception under question 5, the treatment of foreign counterparties, and the start date of the duty are covered under "Clearing duty" in the text.

Consider a hypothetical example in which Bank A, a Swiss bank, enters into a fixed-to-floating euro EURIBOR interest rate swap, with a remaining term of 5 years, with Company B, a Swiss manufacturer. Bank A is a financial counterparty that is not small. Company B's average gross positions in outstanding OTC derivatives are below the threshold in every category, so it is a small non-financial counterparty.

Because Company B is a small counterparty, the transaction is not subject to the clearing duty. The transaction is between a financial and a non-financial counterparty, so Bank A reports it to a trade repository by the next business day. Because Company B is a small non-financial counterparty, Bank A does not exchange collateral with it.

Suppose Company B's average gross position in interest rate derivatives (excluding hedging transactions) rises to CHF 4 billion, and four months have passed since it exceeded the CHF 3.3 billion threshold. Company B is no longer small, and the same type of swap with Bank A is subject to the clearing duty. The term falls within the 28 days to 50 years for euro EURIBOR fixed-to-floating swaps, so Bank A and Company B clear it through a central counterparty that FINMA has authorized or recognized. The central counterparty reports the cleared transaction to a trade repository.

Suppose the same Bank A and Company B enter into an FX forward in which they exchange US dollar and Swiss franc principal amounts in six months. If settlement is guaranteed, the forward is exempt from the clearing duty, risk mitigation, and the obligation to trade on venues. The reporting duty remains, so Bank A, the financial counterparty, reports it to a trade repository.

## Practical points

The procedures for meeting the clearing, threshold, reporting, risk mitigation, and venue trading duties must be set out in writing or in another form that allows proof by text. A non-financial counterparty that decides not to trade derivatives can record that decision in writing and is then exempt from setting out the procedures. A financial counterparty appointed by others to implement their duties also sets out the procedures[^doc].

Compliance is part of the audit, and for non-financial counterparties the auditor reviews whether measures have been taken. If violations are not remedied or are repeated, the auditor reports them to the Federal Department of Finance[^audit]. When a counterparty commissions group companies or branches to fulfil its duties, it may exchange the necessary information, including client data, without the client's approval. It may also submit data to a trade repository without its counterparty's approval[^group-info].

## What this article does not cover

Penalties, the application of FINMA guidance, and the provisions of the FinMIA on exchange listing, disclosure, public takeovers, insider trading, and market manipulation are not covered on this page. Position limits for commodity derivatives are not covered on this page.

This page does not cover whether a version of the FinMIO-FINMA later than February 1, 2023 designates products subject to the trading duty. It also does not cover whether FINMA has confirmed the provisional equivalence of EMIR, whether the EU has recognized Swiss derivatives regulation as equivalent under the third-country provisions of EMIR, or equivalence with the UK. The versions of the ordinance and the Act that Fedlex lists as taking effect in 2027 and 2029 are not covered on this page.

[^names]: The English title is ["Financial Market Infrastructure Act, FinMIA"](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), and the title of the [German version](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/de/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-de-html-5.html) is "Finanzmarktinfrastrukturgesetz, FinfraG". FINMA's 2016 guidance abbreviates the Act as FMIA.

[^aim]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 1(1) and (2). The derivatives trading chapter is Title 3, Chapter 1 (Articles 93 to 117).

[^layers]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 100(4) (the Federal Council sets thresholds) and Article 101(1) (FINMA sets the clearing categories). The preamble of the [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html) states that the Federal Council issues it under the FinMIA.

[^finma-status]: [FINMASA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2008/736/20250401/en/html/fedlex-data-admin-ch-eli-cc-2008-736-20250401-en-html-2.html), Article 5(1) (public-law institution, own legal personality), Article 1(1)(h) (financial market acts, including the FinMIA), and Article 6(1).

[^finma-role]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 4(1) (authorization), Articles 60 and 80 (recognition of foreign central counterparties and trade repositories), and Article 83(1) and (2) (supervision). The "FINMA's role" section of the [FINMA page](https://www.finma.ch/en/authorisation/financial-market-infrastructures-and-foreign-market-participants/).

[^snb-role]: [National Bank Act](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2004/221/20230901/en/html/fedlex-data-admin-ch-eli-cc-2004-221-20230901-en-html-13.html), Article 1(1) (central bank), Article 5(2)(e) (financial stability), and Articles 19 to 21 (oversight). Special requirements are in [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html) Article 23.

[^snb-fmia]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 83(1) and (3). The test for systemic importance is in Article 22(1).

[^version]: The English texts on Fedlex are reference translations. English is not an official language of the Swiss Confederation, and the translations have no legal force. The [German version of the FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/de/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-de-html-5.html) was also consulted.

[^def-deriv]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 2(c).

[^excl]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 94(3)(a) to (c). Derivatives in the form of securities or deposits are excluded by [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html) Article 80.

[^scope]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 93(1) to (4) and Article 94(1). Foreign central banks and similar bodies are in [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html) Article 79(1) (reporting only).

[^branch]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 78. [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html) Article 93(5) provides that the Federal Council may subject branches of foreign participants without equivalent regulation.

[^fig-branch]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 78 (where FINMA may subject a Swiss branch of a foreign counterparty to the derivatives trading chapter).

[^small-def]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Articles 98(1), 99(1), and 100(1) and (2). The threshold amounts are in [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html) Article 88.

[^calc]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Articles 98(3) and 100(3). Risk-reducing transactions are defined in [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html) Article 87, and the average gross position in Article 89.

[^loses-small]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Articles 98(2) and 99(2).

[^declaration]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 97(3). [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 83 (the declaration applies to all duties, and changes must be notified).

[^clear-duty]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 97(1) and (2). OTC transactions are those not conducted through a trading venue (Article 97(1)).

[^clear-cat]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 101(1) and (3). FINMA determines the categories when it authorizes or recognizes a central counterparty ([FINMA ordinance](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/855/20230201/en/html/fedlex-data-admin-ch-eli-cc-2015-855-20230201-en-html-3.html), Article 7(1)).

[^annex1]: [FinMIO-FINMA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/855/20230201/en/html/fedlex-data-admin-ch-eli-cc-2015-855-20230201-en-html-3.html), Annex 1 (amended December 8, 2022, in force February 1, 2023). Contracts with options are not included.

[^clear-exc]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Articles 103 and 101(3)(b); [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Articles 84, 86(1) and (3), and 90. Central risk management for intra-group transactions is in Article 91.

[^clear-xb]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 102.

[^clear-phase]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 85(a) to (c).

[^tr-duty]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 104(1).

[^tr-who]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 104(2) to (4). [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html) Article 92(2) assigns the report on cleared venue-traded transactions to the party closest to the central counterparty in the chain.

[^tr-content]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 105(1) to (3). [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 93 (the reported fields are in Annex 2).

[^tr-third]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Articles 104(5) and 106.

[^tr-venue]: [FinMIO-FINMA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/855/20230201/en/html/fedlex-data-admin-ch-eli-cc-2015-855-20230201-en-html-3.html), Articles 2 and 5(3). The content of derivatives reports is described in [FINMA's press release of December 14, 2022](https://www.finma.ch/en/news/2022/12/20221214-mm-finfrav-finma/).

[^trade-duty]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Articles 112 and 113; [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 108 (6, 9, and 12 months).

[^trade-annex]: The chapters and Annexes 1 and 2 of the [FinMIO-FINMA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/855/20230201/en/html/fedlex-data-admin-ch-eli-cc-2015-855-20230201-en-html-3.html) (Annex 1 lists products subject to clearing; Annex 2 repeals and amends other legislation). [FINMA's 2016 guidance](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20160707-finma-aufsichtsmitteilung-01-2016.pdf?la=en) did not cover the trading duty because it was not urgent.

[^rm-scope]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 107(1) and (2); [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 94(1).

[^rm-ops]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Articles 108 and 109. [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Articles 95 to 99. Cross-currency swaps and FX forwards with guaranteed settlement are not counted in the number of trades for reconciliation.

[^collateral]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 110(1) to (3). The intra-group exemption is in Article 111.

[^im-threshold]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 100(1) to (3) (definitions of variation and initial margin; CHF 8 billion).

[^im-waiver]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 100a(1) and (2) and Article 100b(1) and (3). The special rule for covered bond issuers is in Article 100a(3).

[^im-sched]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 103(1), (2), and (5). The netting set calculation is in paragraph 4 and Annex 3.

[^im-timing]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 101(1), Article 101a(1), and Article 102(1) to (4).

[^eligible]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 104(1) and Article 105(1) and (2). Haircuts are in Annex 4.

[^ccp-def]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 4(1), Article 60(1) and (2)(b)(3) (conditions for recognizing a central counterparty), Article 80(1) and (2)(b)(3) (conditions for recognizing a trade repository), and Article 78(1)(b) and (c) (content of the confirmation for a trade repository). A central counterparty is defined in Article 48.

[^ccp-list]: [FINMA list](https://www.finma.ch/en/~/media/finma/dokumente/bewilligungstraeger/pdf/bourses.pdf?sc_lang=en\&hash=2F916F33B5B4349529A4A2250C444D13), "Authorised Swiss ...", "Recognised foreign central counterparties", and "Recognised foreign trade repositories" (dated October 22, 2026).

[^snb-fmis]: [SNB page](https://www.snb.ch/en/the-snb/mandates-goals/financial-stability/financial-market-infrastructure) (checked October 23, 2026), "Systemically important financial market infrastructures in Switzerland" and "Foreign systemically important financial market infrastructures".

[^tr-2017]: [FINMA Guidance 02/2017](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20170403-finma-aufsichtsmitteilung-02-2017.pdf?sc_lang=en\&hash=8792A439F995FBAB833BAECA1AD3EC4C) (April 3, 2017), sections 1 and 2. The recognition was limited to the receipt of reports under the FMIA.

[^equiv]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 95.

[^equiv-test]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 81(1) to (3). The conditions for the risk mitigation and trading duties are in paragraph 2(c) and (d).

[^emir-prov]: [FINMA Guidance 01/2016](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20160707-finma-aufsichtsmitteilung-01-2016.pdf?la=en) (July 6, 2016), sections 2.1 and 2.2 (EMIR Articles 4, 9, and 11).

[^eu-ccp]: [FINMA press release](https://www.finma.ch/en/news/2015/10/ccp-aequivalenz-20151113/) (November 13, 2015). ESMA authorization is also required.

[^eu-align]: [FINMA press release of December 14, 2022](https://www.finma.ch/en/news/2022/12/20221214-mm-finfrav-finma/).

[^tl-law]: The date of enactment at the head of the [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html) (June 19, 2015) and of the [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html) (November 25, 2015).

[^tl-start]: [FINMA Guidance 01/2016](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20160707-finma-aufsichtsmitteilung-01-2016.pdf?la=en), introduction (entry into force on January 1, 2016). [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 135.

[^tl-tr]: [FINMA Guidance 02/2017](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20170403-finma-aufsichtsmitteilung-02-2017.pdf?sc_lang=en\&hash=8792A439F995FBAB833BAECA1AD3EC4C), introduction and sections 1 and 2. The start of reporting is in [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 130(1).

[^tl-finma]: [FINMA press release of December 14, 2022](https://www.finma.ch/en/news/2022/12/20221214-mm-finfrav-finma/). Footnote to Annex 1 of the [FinMIO-FINMA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/855/20230201/en/html/fedlex-data-admin-ch-eli-cc-2015-855-20230201-en-html-3.html) (in force February 1, 2023).

[^tl-pension]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 133(1), (1bis), and (1ter).

[^tl-equity]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 131(5bis).

[^tl-report]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 130(1)(a) to (c). The first authorization and recognition took place on April 1, 2017 ([FINMA Guidance 02/2017](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20170403-finma-aufsichtsmitteilung-02-2017.pdf?sc_lang=en\&hash=8792A439F995FBAB833BAECA1AD3EC4C)).

[^tl-im]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 131(5)(a) to (e) and (5bis). The exemption for pension schemes and similar bodies is in Article 133.

[^doc]: [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 113(1) to (3).

[^audit]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Articles 116 and 117; [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Article 114.

[^group-info]: [FinMIA](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html), Article 96; [FinMIO](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html), Articles 82 and 92(4).

## Sources

- [Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Act, FinMIA)（Status as of 1 February 2024）](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/en/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-en-html-4.html) — Swiss Federal Chancellery（Fedlex）
- [Bundesgesetz über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel (Finanzmarktinfrastrukturgesetz, FinfraG)（Stand am 1. Februar 2024）](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/853/20240201/de/html/fedlex-data-admin-ch-eli-cc-2015-853-20240201-de-html-5.html) — Swiss Federal Chancellery（Fedlex）
- [Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Ordinance, FinMIO)（Status as of 1 January 2025）](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/854/20250101/en/html/fedlex-data-admin-ch-eli-cc-2015-854-20250101-en-html-1.html) — Swiss Federal Chancellery（Fedlex）
- [Federal Act on the Swiss Financial Market Supervisory Authority (Financial Market Supervision Act, FINMASA)（Status as of 1 April 2025）](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2008/736/20250401/en/html/fedlex-data-admin-ch-eli-cc-2008-736-20250401-en-html-2.html) — Swiss Federal Chancellery（Fedlex）
- [Financial market infrastructures and foreign market participants](https://www.finma.ch/en/authorisation/financial-market-infrastructures-and-foreign-market-participants/) — Swiss Financial Market Supervisory Authority FINMA
- [Federal Act on the Swiss National Bank (National Bank Act, NBA)（Status as of 1 September 2023）](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2004/221/20230901/en/html/fedlex-data-admin-ch-eli-cc-2004-221-20230901-en-html-13.html) — Swiss Federal Chancellery（Fedlex）
- [Ordinance of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FINMA Financial Market Infrastructure Ordinance, FinMIO-FINMA)（Status as of 1 February 2023）](https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2015/855/20230201/en/html/fedlex-data-admin-ch-eli-cc-2015-855-20230201-en-html-3.html) — Swiss Federal Chancellery（Fedlex）
- [FINMA publishes partially revised FinMIO-FINMA](https://www.finma.ch/en/news/2022/12/20221214-mm-finfrav-finma/) — Swiss Financial Market Supervisory Authority FINMA
- [FINMA Guidance 01/2016 "Financial Market Infrastructure Act: FINMA's next steps"](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20160707-finma-aufsichtsmitteilung-01-2016.pdf?la=en) — Swiss Financial Market Supervisory Authority FINMA
- [List of authorised and recognised financial market infrastructures (including trading venues) and foreign participants（22.10.2026）](https://www.finma.ch/en/~/media/finma/dokumente/bewilligungstraeger/pdf/bourses.pdf?sc_lang=en\&hash=2F916F33B5B4349529A4A2250C444D13) — Swiss Financial Market Supervisory Authority FINMA
- [Oversight of financial market infrastructures](https://www.snb.ch/en/the-snb/mandates-goals/financial-stability/financial-market-infrastructure) — Swiss National Bank
- [FINMA Guidance 02/2017 "Financial Market Infrastructure Act: reporting requirements / trade repositories"](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20170403-finma-aufsichtsmitteilung-02-2017.pdf?sc_lang=en\&hash=8792A439F995FBAB833BAECA1AD3EC4C) — Swiss Financial Market Supervisory Authority FINMA
- [EU recognises Swiss supervision of central counterparties as equivalent](https://www.finma.ch/en/news/2015/10/ccp-aequivalenz-20151113/) — Swiss Financial Market Supervisory Authority FINMA