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.

Article 2 Definitions

For the purpose of this Regulation the following definitions shall apply:

  1. (a)

    "valuation position" means a financial instrument or commodity or portfolio of financial instruments or commodities held in both trading and non-trading books, which are measured at fair value;

  2. (b)

    "valuation input" means a market observable or non-observable parameter or matrix of parameters that influences the fair value of a valuation position;

  3. (c)

    "valuation exposure" means the amount of a valuation position which is sensitive to the movement in a valuation input.