Content Options

Content Options

View Options

You are viewing the version of the document as on 2023-12-07.

relevant collateral

    in relation to a transaction:

      1. (a) cash;
      1. (b) letters of credit and guarantees to the extent of their face value, issued by an approved bank which is neither a counterparty nor an associate of a counterparty;
      1. (c) gold and silver bullion and coinage;
      1. (d) marketable investments;
      1. (e) the performance guarantees issued in support of the securities lending and borrowing programmes of Euroclear and Cedel, in respect only of exposure arising from participation in such programmes;

    subject in each case to:

        1. (i) the firm having an unconditional right to apply or realise the relevant collateral for the purpose of repaying a counterparty's obligations;
        1. (ii) marketable investments:
          1. (A) being marked to market daily using the valuation principles in IPRU(INV) 3.41(9)R;
          1. (B) not being issued by a counterparty nor by an associate of a counterparty.5