(1) Subject to paragraph (2), rights under a contract for the sale of a commodity or property of any other description under which delivery is to be made at a future date and at a price agreed on when the contract is made.

(1A) Subject to paragraph (1D), futures -

(a) to which paragraph (1) does not apply;

(b) which relate to commodities;

(c) which may be settled physically; and

(d) to which paragraph 5 or 6 of Part 1 of Schedule 2 (read with Articles 5 and 6 of the Commission Regulation) applies.

(1B) Subject to paragraph (1D), futures and forwards -