FINMA determines the derivatives which must be traded via a trading venue or a trading facility in accordance with Article 112 paragraph 1. 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 duty to trade via a trading venue or a trading facility, according to derivative category.
No duty to trade in accordance with Article 112 may be imposed for:
derivatives not admitted to trading by a relevant trading venue or trading facility;
currency swaps and forward transactions, provided they are settled on a payment versus payment basis.
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