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CA-10.2.2

Past version: Effective from 01 Apr 2008 to 31 Mar 2011
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A bank may net long and short positions in one tranche of an equity instrument against another tranche only where the relevant tranches:

(a) rank pari passu in all respects; and
(b) become fungible within 180 days, and thereafter the equity instruments of one tranche can be delivered in settlement of the other tranche.
Apr 08