Art. 101a

(Art. 110 FinMIA)

1. Variation margins are to be recalculated at least every business day.
2. The basis of the calculation is the valuation of the outstanding transaction in accordance with Article 109 of the FinMIA. For all other matters, Article 101 paragraph 2 is applicable by analogy.
3. Variation margins are to be paid on the respective calculation day according to paragraph 1. The customary timeframes apply for settlement.
4. Notwithstanding paragraph 3, variation margins may be paid up to two business days after the calculation day if: a. A counterparty not obliged to pay an initial margin provided additional collateral before the calculation day and the following conditions are met: 1. the additional collateral was calculated taking account of a 99% one-tailed confidence interval for the valuation of the OTC derivatives transactions to be secured for the relevant margin period of risk, 2. the margin period of risk is at least as many days as the number of days between the calculation day and the variation margin payment day, whereby the calculation day and payment day also have to be counted; or b. the counterparties paid initial margins taking account of a margin period of risk spanning at least the following periods: 1. the period from the last variation margin payment day to the possible counterparty default, plus the days from the calculation day to the variation margin payment day, and 2. the period deemed necessary to replace the OTC derivatives transaction concerned or to hedge the resulting risks.