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margined transaction

      1. (1) (except in CASS 4 and CASS 744) a transaction executed by a firm with or for a client relating to a future, option or contract for differences (or any right to or any interest in such an investment) under the terms of which the client will or may be liable to provide cash or collateral to secure performance of obligations which he may have to perform when the transaction falls to be completed or upon the earlier closing out of his position.
      1. (2) (in CASS 4 and CASS 744):
        1. (a) a transaction within (1); or
        1. (b) an option purchased by a client, the terms of which provide that the maximum liability of the client in respect of the transaction will be limited to the amount payable as premium.