Document ID: chunk:federal_register_of_legislation:F2024C01135:front:0:p5
Version: federal_register_of_legislation:F2024C01135
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where the capacity is not specified is a reference to the entity acting in its Personal Capacity or in a Representative Capacity.

1.2.3 Meaning of Clearing Derivative
(1) Subject to subrules (6) to (7), a Derivative is a Clearing Derivative if the Derivative:
(a)        is an OTC Derivative;
(b)       is in a Determined Clearing Class; and
(c)        is a Basis Swap, Fixed-to-Floating Swap, Forward Rate Agreement or Overnight Index Swap; and
(d)       meets the IRD Class Specifications.
(2) A Derivative that is a Basis Swap or a Fixed-to-Floating Swap meets the IRD Class Specifications if a row of the following table contains:
(a)        the currency (Currency) in which the notional principal amount and payments under the Derivative are denominated; and
(b)       the benchmark, index or rate (Floating Rate Index) on which each floating rate for the Derivative is based; and
(c)        a period of time (Termination Date Range) which includes the period from entry into the Derivative until the termination date for the Derivative.

IRD Class Specifications for Basis Swaps and Fixed-to-Floating Swaps
Item                                                                  Currency           Floating Rate Index                    Termination Date Range