commodity

1. (1)5052(except for (2) and (3))52 a physical asset (other than a financial instrument or cash) which is capable of delivery.48
2. (2)50 (for the purpose of calculating position risk requirements) any of the following (but excluding gold):48
   1. (a) a commodity within the meaning of paragraph (1); and48
   2. (b) any:48
      1. (i) physical or energy product; or48
      2. (ii) of the items referred to in paragraph 10 of Section C of Annex I of the MIFID as an underlying with respect to the derivatives mentioned in that paragraph;48
      which is, or can be, traded on a secondary market.48
3. (3) (in relation to the MiFID Regulation, including the definitions of a financial instrument and an ancillary service) any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity, not including services or other items that are not goods, such as currencies or rights in real estate, or that are entirely intangible.52

[Note: article 2(1) of the MiFID Regulation]52