FINMA determines the derivatives which must be cleared via a central counterparty. In so doing, it considers:
their degree of legal and operational standardisation;
their liquidity;
their trading volumes;
the availability of pricing information in the given category;
the counterparty risks associated with them.
It shall take account of recognised international standards and foreign legal developments. It may phase in the introduction of the clearing duty by derivatives category.
No clearing duty may be imposed for:
derivatives that are not cleared by any authorised or recognised central counterparty;
currency swaps and forward transactions, provided they are settled on a payment versus payment basis.
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