excluded positions

positions from contracts resulting from:

1. (a) intra-group transactions as referred in Article 3 of EMIR that serve group-wide liquidity or risk management purposes;
2. (b) transactions in commodity derivatives or emission allowances which are objectively measurable as reducing risks directly relating to commercial activity or treasury financing activity:
   1. (i) in accordance with the criteria in MAR 10.2.7R( and MAR 10.2.10R; or
   2. (ii) which cover the risks arising from the potential indirect impact on the value of assets, services, inputs, products, commodities or liabilities referred to in (i), resulting from fluctuation of interest rates, inflation rates, foreign exchange rates or credit risk;
3. (c) transactions in commodity derivatives and emission allowances entered into to fulfil obligations to provide liquidity on a UK trading venue, where such obligations are required by:
   1. (i) regulatory authorities in accordance with UK law on markets in financial instruments; or
   2. (ii) UK trading venues; and
4. (d) contracts where the person within the group that is a party to any of them is an FCA-authorised firm.