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| | {{anat|isda}} |
| | Also, fondly, known as a [[sw-ŏp]], but ''never'' a [[sw-æp]]. [[Swap does not rhyme with crap|Swaps aren’t, and don’t rhyme with, crap]]. |
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| Where do you start? | | Where do you start? |
| :{{derivativecontractdefinition}} | | :{{derivativecontractdefinition}} |
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| (10) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event), as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market or an MTF, are cleared and settled through recognised clearing houses or are subject to regular margin calls. <br> | | (10) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event), as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market or an MTF, are cleared and settled through recognised clearing houses or are subject to regular margin calls. <br> |
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| {{anat|MiFID}}
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| __NOEDITSECTION__
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| __NOTOC__
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| =By Instrument=
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| ==[[Securities]]==
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| ===[[Debt Capital Markets]]===
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| *[[Medium Term Note]] Programmes
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| *Stand Alone [[Eurobond]] Issuance
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| *[[Commercial Paper]]
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| **[[Euro Commercial Paper Programmes]]
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| **[[Asset-backed]] [[Commercial Paper]]
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| ====Supporting Documentation====
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| *Legal Documents
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| **Constituting Instruments
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| **Agency Agreements
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| **Terms and Conditions
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| **Offering Materials
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| **[[ICMA]] form of Final Terms
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| *Board Authorisation
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| *Side Letters, Agent Appointments and Dealer Confirmations
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| ====Hedging====
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| *Term Funding
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| *Basis Risk
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| ====Offering and Resale====
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| =====Listing and Prospectus Directive=====
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| *Passporting and Home Regulators
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| *Listing Rules
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| *Regulated Stock Exchanges
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| **London Stock Exchange
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| **Irish Stock Exchange
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| **Luxembourg Stock Exchange
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| **other Stock Exchanges
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| *Non regulated market Stock Exchanges
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| **EuroMTF
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| **AIM
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| **Others
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| *ESMA-sponsored amendments to the Prospectus Directive
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|
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| =====Selling Restrictions=====
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| *Jurisdictional Selling Restrictions Library
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| *Jurisdictional Tax Disclosure
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| =====Retail Sales=====
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| *Retail Distribution
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| **Retail Cascades
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| **Prospectus Consents
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| *Packaged Retail investor Products (PRIPs)
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| *Key Investor Disclosure document (KID)
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|
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| =====US registration=====
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| *SEC Registration
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| *Safe Harbours and Exemptions
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| **Regulation S
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| **Rule 144A
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| ===[[Structured Securities]]===
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| *Structured [[Medium Term Note]]s
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| *Repackagings and Securitisation
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| ===[[Exchange Traded Securities]]===
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| *[[Exchange-Traded Funds]] (ETFs)
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| *[[Exchange-Traded Notes]] (ETNs)
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|
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| ==[[Over-The-Counter]] Transactions==
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| ===Derivatives===
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| ====[[Swaps]]====
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| =====[[ISDA]]=====
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| *{{isdama}}
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| **{{1992ma}}
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| **{{2002ma}}
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| *{{tag|ISDA}} [[Credit Support Annex]]
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| **{{1995csa}} (title transfer - English Law)
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| **{{1994csa}} (pledge - New York Law)
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| =====[[Non-ISDA]]=====
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| *[[European Master Agreement]]
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| *Domestic European master agreements
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| **[[Deutsche Rahmenvertrag]] (German Master Agreement)
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| **[[FBF]] (French Master Agreement)
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| **[[CMOF]] (Spanish Master Agreement)
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| ====Spot and Short Term Derivatives====
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| ''These contracts are not necessarily traded under an ISDA framework but may will be traded according to Exchange rules or financial institutions' "Standard Terms of Business"''
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| *[[Futures]]
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| *[[Spot]]
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| *[[Forwards]]
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|
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| ===[[Securities Financing]]===
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| ====Stock Lending====
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| *[[Global Master Securities Lending Agreement]] (GMSLA)
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| *[[Master Securities Lending Agreement]] (MSLA)
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| *[[Legacy Stock Lending Agreements]]
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| ====Repurchase Agreements====
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| *[[Global Master Repurchase Agreement]] (GMRA)
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| *[[Master Repurchase Agreement]] (MRA)
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| ===[[Commodities Trading]]===
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| ====Financial====
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| *[[Commodity Derivatives]]
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| *[[Futures]]
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| *Commdity Indices
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| *Exchange Traded Commodity Products
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| **[[Exchange-Traded Notes]]
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| **[[Exchange-Traded Funds]]
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|
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| ====Physical====
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| =====Oil and Refined Products=====
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| =====Freight=====
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| =====Energy=====
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| *Coal
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| *Power
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| *Gas
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| *Carbon/Emissions
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| =====Metals=====
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| *Base Metals
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| *Precious Metals
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| =====Agrigultural Commodities=====
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| ====Commodities Documentation====
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| *[[ISDA Commodities Definitions]]
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| *[[EFET]] - European Federation of Energy Traders Master Agreements (Power and Gas)
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| *[[IETA]] - International Emissions Trading Agreement
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| *[[SCOTA]] - Standard Coal Trading Agreement
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|
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| ===[[Prime Brokerage]]===
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| (in scope?)
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| ==Derivative Transactions==
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| ===Market Risk===
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| ====Asset Class====
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| *[[Equity Derivatives]]
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| *[[Credit Derivatives]]
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| *[[Currency Derivatives]]
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| *[[Interest Rate Derivatives]]
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| *[[Commodity Derivatives]]
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| =====Market Disruption=====
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| =====Gap Risk=====
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| ===Credit Risk===
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| ===Collateral and Credit Support===
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| ====Collateral ====
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| =====Overview=====
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| *Treasury, Liquidity implications of Collateral posting and recieving
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| *[[Rehypothecation]] and [[client asset]] protection
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| =====Credit Support Annex=====
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| *1994 NY Pledge form of CSA
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| *1995 english Law Title Transfer
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| =====Eligible Collateral=====
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| *Cash
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| *Sovereign Bonds
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| *Corporate Bonds
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| *Other Assets
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| **Letters of Credit
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| ====Non-Collateral Credit Support====
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| *Guarantees
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| *"Liens" and Security Interests
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| ====Intercreditors and Loan financing====
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| ==Regulatory Environment==
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| Implications for derivatives and capital markets transactions of regulatory initiatives. ''This should cross reference where appropriate the Financial Services Module''
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| ====Supervision and Market Infrastructure====
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| *[[Dodd Frank]]
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| *[[European Market Infrastructure Regulation]] (EMIR)
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| ====Investor Protection====
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| *[[MiFID]]
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| *[[Prospectus Directive/PRIPS]]
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| ====Capital, Liquidity and Financial Stability====
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| =====Regulations=====
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| *[[Capital Requirements Directive]] (CRD4)
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| *[[Basel III]]
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| =====Market Making=====
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| =====Netting=====
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| =====Risk Weighted Asset Classification=====
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| *[[Banking book]]
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| *[[Trading Book]]
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| ===Mandatory Clearing===
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| ===Suitability===
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|
ISDA Anatomy™
{{{2}}}
Index: Click ᐅ to expand:Navigation
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Also, fondly, known as a sw-ŏp, but never a sw-æp. Swaps aren’t, and don’t rhyme with, crap.
Where do you start?
- ‘derivative’ or ‘derivative contract’ means a financial instrument as set out in points (4) to (10) of Section C of Annex I to 2004/39/EC (EUR Lex)[1] as implemented by Article 38 and 39 of 1287/2006 (EUR Lex);
MiFID definition of derivative comes from the latter half (items (4) - (10)) of the definition of "Financial Instruments" set out in Section C of Annex I to MiFID as follows:
Financial Instruments
(1) Transferable securities;
(2) Money-market instruments;
(3) Units in collective investment undertakings (UCITS);
(4) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash;
(5) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event);
(6) Options, futures, swaps and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market and/or an MTF;
(7) Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in C.6 and not being for commercial purposes, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are cleared and settled through recognised clearing houses or are subject to regular margin calls;
(8) Derivative instruments for the transfer of credit risk;
(9) Financial contracts for differences;
(10) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event), as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market or an MTF, are cleared and settled through recognised clearing houses or are subject to regular margin calls.
- ↑ That’s MiFID and not MiFID II to its friends — even though MiFID II has updated somewhat the Section C of Annex I to include emissions certificates.