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The Stock Exchange Agreement serves as the foundational document governing the relationship between a Swiss stock exchange and its members or participants. This agreement is essential for any financial institution seeking to participate in Swiss securities trading markets. It is designed to comply with Swiss financial market regulations, particularly the Financial Market Infrastructure Act (FMIA) and FINMA requirements, while establishing clear operational parameters for trading activities. The document covers crucial aspects such as membership criteria, trading rights, technical requirements, risk management procedures, and compliance obligations. It is typically used when financial institutions apply for exchange membership or need to update their existing trading arrangements. The agreement's Swiss jurisdiction is particularly significant given Switzerland's position as a leading financial center and its robust regulatory framework for financial markets.

1. Parties: Identification of the contracting parties - the stock exchange and the member/participant

2. Background: Context of the agreement and brief description of the parties' intentions

3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and rules of interpretation

4. Membership Rights and Obligations: Core terms regarding exchange membership, including rights, privileges, and obligations

5. Trading Rules and Regulations: Specific rules governing trading activities, order execution, and market conduct

6. Compliance Requirements: Obligations regarding regulatory compliance, including FINMA requirements and anti-money laundering regulations

7. Technical Requirements: Technical specifications and requirements for connecting to and using the exchange's trading systems

8. Fee Structure: Framework for membership fees, trading fees, and other applicable charges

9. Risk Management: Provisions regarding risk management, margin requirements, and default procedures

10. Market Data Rights: Terms governing the use and distribution of market data

11. Confidentiality: Provisions regarding the handling of confidential information

12. Representations and Warranties: Standard representations and warranties from both parties

13. Liability and Indemnification: Limitations of liability and indemnification obligations

14. Term and Termination: Duration of the agreement and circumstances for termination

15. Dispute Resolution: Procedures for resolving disputes, including jurisdiction and applicable law

16. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment