Case: 25-7516, 01/23/2026, DktEntry: 33.1, Page 92 of 110
(36) Option The term “option” means an agreement, contract, or transaction that is of the character of, or is commonly known to the trade as, an “option”, “privilege”, “indemnity”, “bid”, “offer”, “put”, “call”, “advance guaranty”, or “decline guaranty”. * * * * * (47) Swap (A) In general Except as provided in subparagraph (B), the term “swap” means any agreement, contract, or transaction— (i) that is a put, call, cap, floor, collar, or similar option of any kind that is for the purchase or sale, or based on the value, of 1 or more interest or other rates, currencies, commodities, securities, instru- ments of indebtedness, indices, quantitative measures, or other finan- cial or economic interests or property of any kind; (ii) that provides for any purchase, sale, payment, or delivery (other than a dividend on an equity security) that is dependent on the occur- rence, nonoccurrence, or the extent of the occurrence of an event or contingency associated with a potential financial, economic, or com- mercial consequence; (iii) that provides on an executory basis for the exchange, on a fixed or contingent basis, of 1 or more payments based on the value or level of 1 or more interest or other rates, currencies, commodities, securities, instruments of indebtedness, indices, quantitative measures, or other financial or economic interests or property of any kind, or any interest therein or based on the value thereof, and that transfers, as between the parties to the transaction, in whole or in part, the financial risk associated with a future change in any such value or level without also conveying a current or future direct or indirect ownership interest in an asset (including any enterprise or investment pool) or liability that incorporates the financial risk so transferred, including any agree- ment, contract, or transaction commonly known as— (I) an interest rate swap;
2a
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