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Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2024 - 31 July 2024
  Version 14 of 15  

313. Interpretation of Part XVIII

(1) In this Part -

"central counterparty" means a body corporate or unincorporated association which interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer;

"central counterparty recognition order" means a recognition order made under section 290(1)(b);

"clearing" in relation to a central counterparty, means the process of establishing positions, including the calculation of net obligations and ensuring that financial instruments, cash, or both, are available to secure the exposures arising from those positions; and "clearing services", in relation to a central counterparty, is to be read accordingly;

"critical third party" has the same meaning as in Chapter 3C (see section 312L(8);

"CSD recognition order" means a recognition order made under section 290(1)(d);

"FMI functions", in relation to the Bank of England, has the meaning given by section 30D(3) of the Bank of England

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