Document ID: chunk:federal_register_of_legislation:F2024C01107:body:0:p19
Version: federal_register_of_legislation:F2024C01107
Segment Type: other
Provision Reference: 
Character Range: 50695–53623

Markets-Capital) 2017.
Primary Margin Requirement means the amount which a Market Participant lodges or is notionally required to lodge as a deposit to cover potential daily worse case price movements in the relevant market, lodged in accordance with the rules of an exchange or clearing house against open positions registered in the name of the Market Participant on the exchange or clearing house.
Principal Trader means a Market Participant with Trading Permission for one or more Products which limits it to trading on its own behalf.
Product means a Cash Market Product, Derivatives Market Contract or an OTC Derivative, as applicable.
Qualifying Debt Instruments means Debt Instruments that are:
(a)        rated investment grade by at least two Credit Rating Agencies;
(b)       rated investment grade by one Credit Rating Agency and the issuer has its ordinary shares included in a Recognised Market Index;
(c)        unrated but the issuer of the Debt Instrument has its ordinary shares included in a Recognised Market Index and the Debt Instruments are reasonably deemed by the Market Participant to be of comparable investment quality to one or more of the categories of Qualifying Debt Instrument as described in this definition;
(d)       issued by, or guaranteed by, Australian local governments and Australian public sector entities other than those which have corporate status or operate on a commercial basis;
(e)        issued by, or fully guaranteed by, a non-OECD country's central government and central bank and which have a residual maturity of over one year and are denominated in local currency and funded by liabilities in the same currency;
(f)        issued by, or collateralised by claims on, an international agency or regional development bank including the International Monetary Fund, the International Bank for Reconstruction and Development, the Bank for International Settlements and the Asian Development Bank;
(g)       issued, guaranteed, first endorsed or accepted by an Australian ADI or a bank incorporated within the OECD or a non-OECD bank accorded the same credit risk weight as an OECD bank by the Australian Prudential Regulation Authority provided that such instruments do not qualify as capital of the issuing institution;
(h)       issued, guaranteed, endorsed or accepted by a non-OECD bank and which have a residual maturity of one year or less provided that such instruments do not qualify as capital of the issuing institution; or
(i)         issued by or guaranteed by OECD country, state and regional governments and OECD public sector entities.
Quoted Product means a financial product that has been granted Official Quotation.
Recognised Market Index means an index specified in Table A5.1.6 in Annexure 5 to Schedule 1A.
Related/Associated Person means:
(a)        a partner, director, employee, officer or consultant of a Market Participant or of a company which is a