For the purposes of this Regulation, the following definitions apply:

(1) "basis risk" means the risk arising from less than perfectly correlated movements between two or more assets or contracts cleared by the central counterparty (CCP);

(2) "confidence interval" means the percentage of exposures movements for each financial instrument cleared with reference to a specific lookback period that a CCP is required to cover over a certain liquidation period;

(3) "convenience yield" means the benefits from direct ownership of the physical commodity and is affected both by market conditions and by factors such as physical storage costs;

(4) "margins" means margins as referred to in Article 41 of Regulation (EU) No 648/2012 which may include initial margins and variation margins;