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CH - New clearing obligation for certain OTC products in Switzerland

25/09/2018

On 16 May 2018, the Swiss Financial Market Supervisory Authority, FINMA, published the revision of its Ordinance on Financial Market Infrastructure (FMIO-FINMA) which introduces a clearing obligation for certain interest rate derivatives.

On 16 May 2018, the Swiss Financial Market Supervisory Authority, FINMA, published the revision of its Ordinance on Financial Market Infrastructure (FMIO-FINMA) which introduces a clearing obligation for certain interest rate derivatives. interest and standardised OTC credit derivatives. The exact categories of over-the-counter derivatives subject to the clearing obligation are listed in Annex 1 of the IMF-FINMA. Note that the clearing obligation for interest rate swaps is limited to transactions in EUR, GBP, JPY and USD and excludes transactions in CHF. The amended Schedule 1 of the IMF-FINMA comes into effect on September 1, 2018 and will have staggered implementation dates for the clearing obligation based on the classification of the counterparties.

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