DECISION
of the Board of Directors of of
Resolution of the Board of Directors concerning FMIA
On 1 January 2016, the Financial Markets Infrastructure Act (FMIA) and the
corresponding Ordinance entered into force.
The Board of Directors of states in this regard that the
is a "Non-Financial Counterparty" according
Art. 93 (3) FMIA.
The Board of Directors further notes that the is currently
trading in derivatives. According to Art. 113 para. 2 FMIA, the
must therefore prepare a written regulation of the derivatives trading processes.
In particular, there must be a documentation available about not exceeding the
following thresholds (in CHF):
• Credit derivatives: 1,1 bn
• Derivatives of shares: 1,1 bn
• Interest rate derivatives: 3.3 bn
• Currency Derivatives: 3.3 bn
• Commodities and other derivatives: 3.3 bn
According to the documentation provided, the average gross positions of open OTC
derivative transactions in 30 days do not exceed the above limits.
Board of Directors:
,