As announced in May 2018 (press release
), the Swiss Financial Market Supervisory Authority FINMA is introducing a clearing obligation for standardised interest rate and credit derivatives traded over the counter (OTC). The corresponding annex of the FINMA Financial Market Infrastructure Ordinance (FMIO-FINMA) will enter into force on 1 September 2018.
The clearing obligation is stipulated in the Financial Market Infrastructure Act. On that basis, FINMA must determine by when the clearing obligation must be met for the corresponding derivative categories. This is the purpose of the FINMA Financial Market Infrastructure Ordinance, which enters into force on 1 September 2018, thereby initiating the 6, 12 and 18-month transition periods set out in the Federal Financial Market Infrastructure Ordinance.