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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2019 - onwards
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Article 10 Derivatives: forward contracts and swaps

(1) The requirements listed in this article are that the transaction is -

(a) a currency swap,

(b) an interest rate swap, or

(c) a forward contract relating to currencies or commodities, where the relevant contract specifies -

(i) the description and amount of the currency or commodity concerned;

(ii) the date when delivery will be made or when settlement will be made in cash; and

(iii) the exchange rate or commodity price which will apply.

(2) For the purposes of this article -

(a) "currency swap" means a transaction under which - (i) one person ("A") agrees with another person ("B") that A will at a specified date pay to B a specified amount in one specified currency, and B will pay A that amount in another specified currency, calculated by reference to a specified exchange rate, and (ii) the amount concerned may consist of a specified principal amount and interest calculated at a specified fixed or floating rate;

(b) "forward contract" means a contract