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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.


      1. (1)5052(except for (2)211) 52 a physical asset (other than a financial instrument or cash) which is capable of delivery.48
      1. (2)50 (for the purpose of calculating position risk requirements and for the purposes of 234COBS 22.5244247) any of the following (but excluding gold):48
        1. (a) a commodity within the meaning of paragraph (1); and48
        1. (b) any:48
          1. (i) physical or energy product; or48
          1. (ii) of the items referred to in paragraph 10 of Part 1 of Schedule 2 to the Regulated Activities Order230 as an underlying with respect to the derivatives mentioned in that paragraph; 21148
          which is, or can be, traded on a secondary market.48
      1. 211(3) (in relation to the UK provisions which implemented230 MiFID or MiFIR) any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity211.52

    [Note: article 2(6) of the MiFID Org Regulation211]