90

1. Insolvency measures that are ordered against a central counterparty's participant have no effect on previously concluded agreements between the central counterparty and the participant regarding:

a. the offsetting of receivables, including the agreed method and valuation;

b.¹the direct realisation of collateral in the form of securities or other financial instruments, including cash collateral (excluding physical cash), whose value can be determined objectively;

c.²the transfer of receivables and liabilities, and collateral in the form of securities or other financial instruments, including cash collateral (excluding physical cash), whose value can be determined objectively. 2. Following the netting or realisation carried out by the central counterparty in accordance with paragraph 1 letters a and b, the participant's remaining entitlements shall be segregated in favour of its clients and indirect participants. 3. Measures to the contrary ordered within the scope of the postponement of the termination of contracts by FINMA are reserved.