SWITZERLAND CONTENTS
6. Marketplaces, Exchanges and Trading Platforms p.818 6.1 Permissible Trading Platforms p.818 6.2 Regulation of Different Asset Classes p.818 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.819 6.4 Listing Standards p.819 6.5 Order Handling Rules p.819 6.6 Rise of Peer-to-Peer Trading Platforms p.819 6.7 Rules of Payment for Order Flow p.820 6.8 Market Integrity Principles p.820 7. High-Frequency and Algorithmic Trading p.820 7.1 Creation and Usage Regulations p.820 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.821 7.3 Regulatory Distinction Between Funds and Dealers p.821 7.4 Regulation of Programmers and Programming p.821 8. Insurtech p.821 8.1 Underwriting Processes p.821 8.2 Treatment of Different Types of Insurance p.822 9. Regtech p.822 9.1 Regulation of Regtech Providers p.822 9.2 Contractual Terms to Assure Performance and Accuracy p.822 10. Blockchain p.822 10.1 Use of Blockchain in the Financial Services Industry p.822 10.2 Local Regulators’ Approach to Blockchain p.823 10.3 Classification of Blockchain Assets p.823
10.4 Regulation of “Issuers” of Blockchain Assets p.824 10.5 Regulation of Blockchain Asset Trading Platforms p.824 10.6 Staking p.824
10.7 Crypto-Related Lending p.824 10.8 Cryptocurrency Derivatives p.824 10.9 Decentralised Finance (DeFi) p.824 10.10 Regulation of Funds p.825 10.11 Virtual Currencies p.825 10.12 Non-Fungible Tokens (NFTs) p.825 11. Open Banking p.826 11.1 Regulation of Open Banking p.826 11.2 Concerns Raised by Open Banking p.826 12. Fraud p.826 12.1 Elements of Fraud p.826
12.2 Areas of Regulatory Focus p.827 12.3 Responsibility for Losses p.828
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