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      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 (260for 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]