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Art. 104 – Admissible collateral for initial and variation margins

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Art.104

Admissible collateral for initial and variation margins

(Art. 110 FinMIA)

1

The following count as admissible collateral:

a.

cash deposits, including medium-term notes or comparable instruments issued by a bank;

b.

high-quality debt securities issued by a central government, a central bank, a public-law entity with the right to levy taxes, the BIS, the International Monetary Fund, the ESM and multilateral development banks;

c.

high-quality debt securities of companies;

d.

high-quality mortgage bonds (Pfandbriefe) and other covered debt securities;

e.40

shares in a major index in accordance with Article 4 paragraph 1 letter b CAO41, including convertible bonds;

f.

gold;

g.

money market funds;

h.42

units in securities funds in accordance with Article 53 of the Federal Act of 23 June 200643 on Collective Investment Schemes, if:

1.

the units are valued daily, and

2.

the securities funds invest solely in assets in accordance with letters a to g or in derivatives that hedge such assets.

2

Collateral is deemed to be high value if it is highly liquid, has a strong track record of preserving its value even in a period of stress and can be monetised within an appropriate period.

3

Resecuritisation positions are not admissible as collateral.

4

The collateral must be valued anew each day.

  1. 40 Amended by Annex No 5 of the O of 29 Nov. 2023, in force since 1 Jan. 2025 (AS 2024 13).
  2. 41 SR 952.03
  3. 42 Inserted by No I of the O of 5 July 2017, in force since 1 Aug. 2017 (AS 2017 3715).
  4. 43 SR 951.31
Legal act context
SR 958.11 · FinMIO · Ordinance · Ordinance of 25 November 2015 on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Ordinance, FinMIO)
Structure path
Title 3 Market Conduct Chapter 1 Derivatives Trading Section 4 Risk Mitigation
Language
English (en)
Data status
2025-01-01

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