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commodity

      1. (1)50(except for the purpose of calculating position risk requirements) 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) 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 Section C of Annex I of the MIFID as an underlying with respect to the derivatives mentioned in that paragraph;48
          which is, or can be, traded on a secondary market.48