For the purposes of this Decision:
(a) "contract for differences" or "CFD" means a derivative other than an option, future, swap or forward rate agreement, the purpose of which is to give the holder a long or short exposure to f luctuations in the price, level or value of an underlying, irrespective of whether it is traded on a trading venue, and that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event;
(b) "excluded non-monetary benefit" means any non-monetary benefit other than, insofar as they relate to CFDs, information and research tools;
(c) "initial margin" means any payment for the purpose of entering into a CFD, excluding commission, transaction fees and any other related costs;
(d) "initial margin protection" means the initial margin determined by Annex I;
(e) "margin close-out protection" means the closure of one or more of a retail client's open CFDs on terms most favourable to
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