Sell/Buy-Back definition
Sell/Buy-Back means a type of Repo with an outright sale of eligible securities on the value date at spot price and a simultaneous outright buy back of the equivalent eligible securities for value on a forward date. The Repo Rate and any coupon income accrued during the term of the transaction on the nominal amount of the eligible securities are embedded in the forward price and realised at the maturity of the transaction.
Sell/Buy-Back means a temporary cash loan to a Repo Seller through the short-term sale of securities by a Repo Seller against a transfer of cash by a Repo Buyer, with a simultaneous agreement for the Repo Seller to repurchase the securities at afuture predetermined price and date; “Settlement Bank” means the primary bank for making/receiving payments from the Nigerian Inter-Bank Settlement System PLC and receiving/transferring securities on the CBN S4; “Settlement Date” means the date at which the Repo Buyer receives the relevant Collateral anddelivers cash to the Repo Seller; “Substitution” means the act of replacing the initial Collateral posted for a Repo Transactionwith new Collateral in order to keep the Repo Transaction itself intact; “Q-ex” or the “System” means the FMDQ Exchange Proprietary Market System capable of multi-asset class trading, clearing, collateral management and surveillance or any othersystem so advised by the Exchange from to time; “Termination Date” means the date on which Repurchase Transactions entered into byCounterparties are terminated due to an Event of Default; "Transaction Counterparties"or “Counterparties” means FMDQ Exchange Dealing Members, Institutional Investors and such othereligible entities executing a Repo Transaction; “Unpaid Amounts” mean amounts owed to or by a Counterparty with respect to a Repo Transactionbeing due and payable from the execution of the Agreement and up to the Early Termination Date; “Voice Trades” means Repo Transactions executed by Transaction Counterparties outside of the System. These are transactions conducted via telephone, email, chat rooms orsuch other FMDQ Exchange-advised media.