1. Positions/portfolios held with trading intent shall comply with the following requirements:
(a) there must be a clearly documented trading strategy for the position/instrument or portfolios, approved by senior management, which shall include expected holding horizon;
(b) there must be clearly defined policies and procedures for the active management of the position, which shall include the following:
(i) positions entered into on a trading desk;
(ii) position limits are set and monitored for appropriateness;
(iii) dealers have the autonomy to enter into/manage the position within agreed limits and according to the approved strategy;
(iv) positions are reported to senior management as an integral part of the institution's risk management process; and
(v) positions are actively monitored with reference to market information sources and an assessment made of the marketability or hedge‑ability of the position or its component risks, including the assessment of, the quality and av