Commentaries: Art. 57

The conclusion of an interoperability agreement is subject to approval by FINMA.
The interoperability agreement shall be approved if:
1. the respective rights and duties of the central counterparties are governed;
2. the central counterparties have appropriate procedures and instruments for managing the risks arising from the interoperability agreement;
3. the central counterparty will cover the credit and liquidity risks arising from the interoperability agreement by immediately demanding appropriate collateral from the other central counterparty;
4. the central counterparties are authorised or recognised by FINMA;
5. the authorities responsible for supervising and overseeing the foreign central counterparty collaborate with the competent Swiss authorities.
If a central counterparty involved in the interoperability agreement is systemically important, FINMA shall obtain the SNB's agreement before granting its approval.
If a central counterparty involved in an interoperability agreement extends its activity to a new trading venue without this entailing new risks, the interoperability agreement does not require re-approval.