§4421. Definitions

For purposes of this subchapter, the following definitions shall apply:

(1) Multilateral clearing organization

The term "multilateral clearing organization" means a system utilized by more than two participants in which the bilateral credit exposures of participants arising from the transactions cleared are effectively eliminated and replaced by a system of guarantees, insurance, or mutualized risk of loss.

(2) Over-the-counter derivative instrument

The term "over-the-counter derivative instrument" includes-

(A) any agreement, contract, or transaction, including the terms and conditions incorporated by reference in any such agreement, contract, or transaction, which is an interest rate swap, option, or forward agreement, including a rate floor, rate cap, rate collar, cross-currency rate swap, basis swap, and forward rate agreement; a same day-tomorrow, tomorrow-next, forward, or other foreign exchange or precious metals agreement; a currency swap, option, or forward agreement; an equity index or equity swap, option, or forward agreement; a debt index or debt swap, option, or forward agreement; a credit spread or credit swap, option, or forward agreement; a commodity index or commodity swap, option, or forward agreement; and a weather swap, weather derivative, or weather option;

(B) any agreement, contract or transaction similar to any other agreement, contract, or transaction referred to in this clause ¹ that is presently, or in the future becomes, regularly entered into by parties that participate in swap transactions (including terms and conditions incorporated by reference in the agreement) and that is a forward, swap, or option on one or more occurrences of any event, rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic or other indices or measures of economic or other risk or value;

(C) any agreement, contract, or transaction excluded from the Commodity Exchange Act [7 U.S.C. 1 et seq.] under section 2(c), 2(d), 2(f), or 2(g) of such Act [7 U.S.C. 2(c), (d), (f), (g)], or exempted under section 2(h) or 4(c) of such Act [7 U.S.C. 2(h), 6(c)]; and

(D) any option to enter into any, or any combination of, agreements, contracts or transactions referred to in this subparagraph.¹

(3) Other definitions

The terms "insured State nonmember bank", "State member bank", and "affiliate" have the same meanings as in section 1813 of this title.

(Pub. L. 102–242, title IV, §408, as added Pub. L. 106–554, §1(a)(5) [title I, §112(a)(3)], Dec. 21, 2000, 114 Stat. 2763 , 2763A-391; Pub. L. 111–203, title VII, §749(i), July 21, 2010, 124 Stat. 1748 .)

Amendment of Paragraph (2)(C)

Pub. L. 111–203, title VII, §§749(i), 754, July 21, 2010, 124 Stat. 1748 , 1754, provided that, effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, paragraph (2)(C) of this section is amended by substituting "section 2(c), 2(f), or 2(i) of that Act" for "section 2(c), 2(d), 2(f), or (2)(g) of such Act" and striking out "2(h) or".

Repeal of Section

Pub. L. 111–203, title VII, §§740, 754, July 21, 2010, 124 Stat. 1729 , 1754, provided that, effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, this section is repealed.

References in Text

The Commodity Exchange Act, referred to in par. (2)(C), is act Sept. 21, 1922, ch. 369, 42 Stat. 998 , as amended, which is classified generally to chapter 1 (§1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.

Effective Date of Repeal

Repeal effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 note under section 1a of Title 7, Agriculture.

Effective Date of 2010 Amendment

Amendment by section 749(i) of Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of Title 7, Agriculture.

¹ So in original. Probably should be "this paragraph".