Futures and Options Exchange Definitions




28 SEPTEMBER NEW ZEALAND GAZETTE

3585

obligation to the last mentioned contract whereby:

(i) the Clearing House may match the two contracts, thereby satisfying the respective obligations of delivery; and

(ii) the obligations to pay moneys may be satisfied immediately by actual payment or the raising of appropriate credits or debits between the parties; or

(b) the act of delivery pursuant to the contract.

‘commodity’ includes any security which is deliverable in accordance with the By-Laws.

‘contract’ means a futures contract or an option contract.

‘Contract By-Laws’ means By-Laws of the Exchange which prescribe the specific terms of, and terms of trading in, each class of futures contract or option contract which may from time to time be traded on the Market.

‘differentials’ means the discount or premium allowed for grade, type or location of a deliverable commodity which is lower or higher than the par or basis grade, type or location specified in a futures contract.

‘Directors’ means the directors from time to time of the Exchange and includes alternate Directors.

‘the Exchange’ means New Zealand Futures and Options Exchange Limited.

‘Facilities Procedures Manual’ means the manual approved by the Board which prescribes procedures for trading on the Market, as amended from time to time by the Board.

‘Fidelity Fund’ means the fund established by the Exchange for the benefit of persons dealing with Members in accordance with Article 45.

‘futures contract’ means a futures contract as defined by the Securities Amendment Act 1988.

‘General By-Laws’ means the By-Laws of the Exchange which prescribe general terms and conditions applicable to trading in futures or option contracts and to membership of the Exchange.

‘initial margin’ means the amount which a Member requires to be paid by a client in respect of a futures contract or an option contract entered into, or



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🏭 Definitions in Articles of Association for New Zealand Futures and Options Exchange Limited (continued from previous page)

🏭 Trade, Customs & Industry
Futures, Options, Exchange, Financial, Definitions, Articles of Association