Derivatives 2025

SWITZERLAND

Germany

France

Bern

Switzerland

Law and Practice Contributed by: Olivier Favre and Tarek Houdrouge Schellenberg Wittmer Ltd

Italy

Contents 1. General p.82 1.1 Overview of Derivatives Markets p.82 1.2 Historical Trends and Looking Forwards p.84

2. Types of Derivatives p.84 2.1 Futures and Options p.84 2.2 Swaps and Security-Based Swaps p.85 2.3 Forwards p.85 2.4 Listed v Over-the-Counter p.85 2.5 Asset Classes p.87 2.6 Exemptions, Non-Derivative Products and Spot Transactions p.87 3. Regulation of Derivatives p.89 3.1 National p.89 3.2 Local p.92 3.3 Self-Regulatory Organisations, Independent Authorities, and Exchanges p.92

4. Documentation Issues p.92 4.1 Trading Documentation p.92 4.2 Clearing Documentation p.93 4.3 Opinions and Other Documentation Issues p.94 5. Enforcement Trends p.94 5.1 Regulator Priorities and Enforcement Trends p.94

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