Document ID: chunk:federal_register_of_legislation:F2024C01107:body:0:p78
Version: federal_register_of_legislation:F2024C01107
Segment Type: other
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Character Range: 209329–212259

leg is the current market price is a series of positions equal to the notional amount of the contract, with one position corresponding to each payment on the Swap. The positions are long positions if the Market Participant is paying fixed and receiving floating, and short positions if the Market Participant is receiving fixed and paying floating.
(2) If one of the legs of the Swap provides for payment or receipt based on some reference to a Debt Instrument or Debt Derivative, the position risk amount for that leg of the Swap should be assessed in accordance with Part A3.10 of this Annexure 3.

        A3.27.5 Other positions—CFDs
The Commodity Equivalent for a CFD is the notional amount in terms of the standard unit of measurement underlying the contract multiplied by the spot price of the Commodity.

Part A3.28 Calculation of Commodity net open positions—Commodity position risk
(1) To calculate a net open position in a particular Commodity, each open position in the Commodity or Commodity Derivative must first be expressed in terms of the standard unit of measurement (barrels, kilos, grams etc). The net position in each Commodity or Commodity Derivative will then be converted at the current rates into Australian dollars.
(2) When calculating the Commodity net open positions for each Commodity, the  long and short positions in a Commodity or Commodity Derivative may be offset.
(3) Positions in different Commodities may not be offset unless the Commodity is fungible for settlement purposes or a highly correlated close substitute.
(4) Where Commodities are denominated in a foreign currency, the Market Participant must calculate a Commodity exposure and a foreign currency exposure.

Annexure 4 to Schedule 1A: Underwriting and Sub Underwriting Risk Requirement

A4.1.1  Nature of underwriting risk amount
The Underwriting and Sub Underwriting Risk Requirement is the absolute sum of the individual underwriting risk amounts calculated using the method of calculation set out in this Annexure 4.

A4.1.2 Method
The underwriting risk amount for each Underwriting Commitment or Sub Underwriting Commitment (Relevant Commitment) made by a Market Participant:
(a)        is the product of:
(i)         the amount underwritten or sub underwritten by the Market Participant under the Relevant Commitment, less any part of that amount that has been:
(A)       sub underwritten under a Sub Underwriting Commitment; or
(B)       received under a client placement in relation to the Financial Instruments the subject of the Relevant Commitment; or
(C)       received as Application Monies for the Financial Instruments where the amount reduces the liability of the Market Participant under the Relevant Commitment; and
(ii)       the underwriting risk factor specified in Table A5.4.1, Annexure 5 to Schedule 1A; and
(iii)     the relevant standard method Position Risk Factor specified in Part A5.1, Annexure 5 to