Insolvency measures that are ordered against a central counterparty's indirect participant have no effect on previously concluded agreements pursuant to Article 90 paragraph 1 letters a to c between the participant and the indirect participant.
Following the netting or realisation carried out by the participant within the meaning of Article 90 paragraph 1 letters a and b, the indirect participant's remaining entitlements shall be segregated in favour of its clients and indirect participants.
Paragraphs 1 and 2 shall also apply to insolvency measures against the indirect participant of another indirect participant.
Measures to the contrary ordered within the scope of the postponement of the termination of contracts by FINMA are reserved.
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