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package transaction

227either:

  1. (1) a transaction in a transparency instrument contingent on the simultaneous execution of a transaction in an equivalent quantity of an underlying physical asset (also known as an ‘exchange for physical’ (EFP) transaction); or
  2. (2) a transaction which involves the execution of 2 or more component transactions in a transparency instrument:
    1. (a) which is executed by 2 or more counterparties;
    2. (b) where each component of the transaction bears meaningful economic or financial risk related to all the other components; and
    3. (c) where the execution of each component is simultaneous and contingent upon the execution of all the other components.