Art. 100

(Art. 110 FinMIA)

1. If counterparties have to exchange collateral, this shall take the form of:
   1. an initial margin that is suitable for protecting the transaction partners from the potential risk that there could be market price changes during the closing and replacement of the position in the event of default on the part of a counterparty; and
   2. a variation margin that is suitable for protecting the transaction partners from the ongoing risk of market price changes following execution of the transaction.
2. The duty to supply an initial margin applies only to counterparties whose aggregated month-end average gross position of OTC derivatives not cleared through a central counterparty, including derivatives in accordance with Article 107 paragraph 2 letter b of the FinMIA, is greater than CHF 8 billion at group or financial or insurance group level for the months of March, April and May of the year; in this regard, intra-group transactions are not counted several times from the viewpoint of each group company.
3. The duty under paragraph 2 always applies for the entirety of the subsequent calendar year.