Art. 96

(Art. 108 lit. b FinMIA)

1. The details for reconciling the portfolios must be agreed prior to completing an OTC derivatives transaction.
2. The portfolio reconciliation shall encompass the key terms of the concluded OTC derivatives transactions and their valuation.
3. It may also be carried out by a third party appointed by one of the counterparties.
4. It must be carried out:
   1. every business day if there are 500 or more OTC derivatives transactions outstanding between the counterparties;
   2. once a week if there are between 51 and 499 OTC derivatives transactions outstanding between the counterparties at any point during the week;
   3. once a quarter if there are 50 or less OTC derivatives transactions outstanding between the counterparties at any point during the quarter.
5. Derivatives not covered by the clearing duty under Article 101 paragraph 3 letter b FinMIA are not factored in for purposes of determining outstanding transactions in accordance with paragraph 4.