OTC Contract definition

OTC Contract means a Contract entered into by the Clearing House with a Member on the relevant OTC Contract Terms, as prescribed by the Clearing House from time to time, in accordance with the Regulations and the Procedures and/or any agreement entered into with the Member

OTC Contract means the forward transaction or futures contract specified in the Final Terms, entered into by the Issuer in connection with such Notes on their trade date, with a notional amount as specified in the Final Terms and documented on the basis of (i) the 1998 FX and Currency Definitions published by the International Swaps and Derivatives Association, Inc. (as supplemented from time to time and applicable at the time of issuance of the Notes) or (ii) the rules of the relevant exchange which are relevant to such forward transaction or futures contract.

OTC Contract means a Contract entered into by the Clearing House with a Member on the relevant OTC Contract Terms, as prescribed by the Clearing House from time to time, in accordance with the Regulations and the Procedures and/or any agreement entered into with the Member"OTC Contract Terms"means the SwapClear Contract Terms in respect of SwapClear Contracts, the RepoClear Contract Terms in respect of RepoClear Contracts, the RepoClear Term £GC Contract Terms in respect of the RepoClear Term £GC Contracts, the RepoClear €GC Contract Terms in respect of RepoClear €GC Contracts and the ForexClear Contract Terms in respect of ForexClear Contracts"OTC market"means any dealings in an investment (as defined in section 22(1) and Schedule 2 Part II of the Financial Services and Markets Act 2000) which are entered into otherwise than on or subject to the rules of an Exchange"OTC Service"means a service provided by the Clearing House for the clearing of a category of OTC Contract"OTC Transaction"means a transaction being a SwapClear Transaction, RepoClear Transaction, RepoClear GC Transaction, Repo Trade, Bond Trade or GC Trade, or ForexClear Transaction"Own Resources Provision"means Article 35 of Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on requirements for central counterparties or any law, regulation, rule, official directive or guideline (having the force of law) which replaces, supplements, modifies, amends or varies such provision“Permitted Transfers”has the meaning ascribed to it in Section 2C of the Procedures"Portfolio Margined Contracts"means any Listed Interest Rates Contracts recorded in an account of a Portfolio Margining Clearing Member related to SwapClear Business following the operation by the Clearing House of the Portfolio Margining Arrangements"Portfolio Margining Arrangements"means the operational provisions in respect of the Portfolio Margining Service as set out in Section 2.1 of the Rates Service DMP Annex"Portfolio Margining Clearing Member"means a Joint Rates Service Clearing Member who has opted in to the Portfolio Margining Service in accordance with Section 2C of the Procedures

Examples of OTC Contract in a sentence

• A Spot Metal OTC Contract is opened by either buying or selling by reference to the Spot metal traded against USD.

• A Cryptocurrency OTC Contract is opened by either buying or selling by reference to the USD.

• A Spot Metal OTC Contract is an OTC contract settled in cash by reference to buying or selling spot gold and silver at the Spot price agreed on the day traded against the US dollar.

• Example - Buying BTC/USD This example assumes that: • the Trading Account base currency selected is USD; • no brokerage, commission or Transaction Fee is charged; • he Leverage Rate for CFD referencing crypto assets is 1:20 i.e Initial Margin is set at 50% of theContract Value; and • 1 Lot is equivalent to 1 Cryptocurrency OTC Contract.

• Where the rules and regulations of a central counterparty provide that the OTC Contract is to be created not with the Bank but rather directly between the central counterparty and the Contracting PartyCounterparty, the Bank shall – in relation to the central counterparty – ensure that the Contracting PartyCounterparty fulfils all obligations under the relevant rules and regulations.

• Example: Buying a ‘short’ Agricultural Commodity Derivative Product • the Trading Account Currency is United states dollars • no brokerage, commission or Transaction Fee is charged• the Leverage Rate for the Commodity OTC Contract is 1:10, i.e. Initial Margin is set at 10% of the Contract Value • 1 lot is equivalent to 1,000 pounds; and • cotton spot contracts are priced in US dollar cents per pound.

• Short Party means the party to a Contract (including an OTC Contract) who is treated as having a financial outcome similar to having effectively sold the Underlying Security.

• For OTC Contract Transactions, ordinarily the Long Party will be credited with an amount equal to the gross unfranked amount of any dividend payable to the holder of the Underlying Security (as determined by Global Prime) and the Short Party will be debited with an amount equal to the gross unfranked amount of any dividend payable to the holder of the Underlying Security (as determined by Global Prime).

• Base Currency means the first currency represented in a currency pair in respect of a Spot FX OTC Contract.

• Modification”), such Relevant OTC Contract must be reported, and shall incur an additional fee due to the Modification, as if it was a new Relevant OTC Contract to offset the original transaction.

More Definitions of OTC Contract

OTC Contract means a Contract entered into by the Clearing House with a

OTC Contract means any Contract which is entered into pursuant to the terms of an ISDA Master Agreement or a type of Contract which would typically be documented under an ISDA master agreement and which is not an Exchange Related Contract;

OTC Contract means a contract between two Members, on OTC Prescribed Terms, formed otherwise than on or subject to the rules of an Organised Market;"OTC Backloading Service"has the meaning set out in Clearing Procedure B 3.15;"OTC Bullion Products"means those Eligible Products specified as such in Annex 1(Eligible Products); [Not currently in use]"OTC Prescribed Terms"means the terms specified for OTC Contracts in the Clearing Procedures and the Product Specifications;"Parent Undertaking" “Partial Transfer” “Partial Transfer Window”has the same meaning as set out in section 1162 of the Companies Act 2006; has the meaning set out in Rule 10.7.6(a); means a period determined by LME Clear in accordance with Rule 10.7.6 during a Default Period within which LME Clear will attempt to effect Partial Transfers for Requesting Clients in accordance with Rule 10.7 (Portability of Client Accounts) and Default Procedure D (Porting Procedure);"Participating Member State"means, at any time, each member state of the European Union whose lawful currency in force at that time is the euro, as adopted in accordance with legislation of the European Union relating to Economic and Monetary Union;"Payment Obligation"means any obligation of a party under a Contract: (a) to make a payment to the other party; or (b) to otherwise account to the other party for value in exchange for the performance by such other party of its Delivery Obligation (notwithstanding that such obligation may be discharged by the offset of other obligations as opposed to an actual cash payment), and includes for the avoidance of doubt: (i) the obligation under a Physical Delivery Contract for the Buyer to pay the Settlement Payment to the Seller (which shall include, in the case of LME Aluminium Premium Contracts, the LME Premium Warrant Payment Obligation, which shall comprise an obligation to deliver LME Warrants, together with the payment of cash);(ii) the obligation under a Financially Settling Contract for a party to pay the Settlement Payment to the other party; and (iii) the obligation under an Option Contract to pay an Option Contract Premium;"Per Account VM Profit"has the meaning set out in Rule 10.10.2(b);"Per Default Stabilisation Replenishment Cap"has the meaning set out in Rule 10.10.5(a);"Permanent Capital"has the meaning set out in Membership Procedure A 2.1;"Physical Delivery Contract"means a Contract for a Physically Settling Product;"Physically Settling Product"means an Eligible Product that requires th...