Marketable securities (Swiss: “Effekten”) are fungible and tradable securities on the capital market. Banknotes, checks, bills of exchange and OrSuisse negotiable warehouse receipts (according to a ruling by the Swiss Federal Tax Administration) are not included in the definition. However, according to the Swiss Code of Obligations (Schweizerisches Obligationenrecht), OrSuisse’s negotiable warehouse receipts still qualify as securities (Swiss: “Wertpapiere”).