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MAE-B.2.12 [Version up to 30 June 2016]

"Position" in relation to a securities or futures contract, means a securities or futures contract which is outstanding and which has not been liquidated:

(a) By an off-setting transaction;
(b) By delivery of the securities or the commodity (or any other asset class) underlying the futures contract;
(c) Through settlement of the securities or futures contract in accordance with the business rules or practices of a securities or futures market, as the case may be; or
(d) By substituting the futures contract for a cash commodity.