News

Press release

FINMA revises FMIO-FINMA

The Swiss Financial Market Supervisory Authority FINMA is introducing a clearing obligation for standardised interest-rate and credit derivatives traded over the counter (OTC). Consequently, it is supplementing Annex 1 of its Financial Market Infrastructure Ordinance (FMIO-FINMA), for which it is conducting a consultation exercise that will run until 12 February 2018.

FINMA is designating the categories of OTC derivatives that will for the first time be subject to a clearing obligation. It is modelling these categories on European law because Swiss-market derivatives are predominantly cross-border operations, often transacted with market participants whose registered offices are in the European Union. The clearing obligation will concern standardised OTC interest-rate and credit derivatives. Transitional periods ranging from 6 to 18 months, dating from the entry into force of the amended FMIO-FINMA, are applicablebefore compliance becomes mandatory. To enact these changes, FINMA is adding detail to Annex 1 of its Financial Market Infrastructure Ordinance and, for this reason, is conducting a consultation exercise running until 12 February 2018.

A central component of Swiss rules governing derivatives trading is the obligation to clear trades involving FINMA-designated categories of OTC derivatives through central counterparties that are either authorised or recognised by FINMA. OTC derivatives are derivative instruments that are not traded through a trading venue such as an exchange or a multilateral trading facility.

Contact

Vinzenz Mathys, Spokesperson
Tel. +41 (0)31 327 19 77
vinzenz.mathys@finma.ch

Press release

FINMA revises FMIO-FINMA

Updated: 18.12.2017 Size: 0,23  MB
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Erläuterungsbericht zur Teilrevision der FinfraV-FINMA

Finanzmarktinfrastrukturverordnung-FINMA

Updated: 18.12.2017 Size: 0,2  MB
  • Language(s):
  • DE
  • FR
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Key points

FINMA Financial Market Infrastructure Ordinance – partial revision

Updated: 18.12.2017 Size: 0,16  MB
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