77CBHedging through currency contracts etc.

#### 77CB Hedging through currency contracts etc. (1) This clause applies to the following contracts: (a) currency contracts; (b) interest rate contracts; (c) futures contracts; (d) contracts relating to: (i) dealings known as currency swaps; or (ii) dealings known as interest rate swaps; (e) contracts relating to both of the dealings referred to in paragraph (d); (f) options (including futures options). (2) The industry services body may enter into and deal with contracts to which this clause applies for hedging purposes in relation to a borrowing or raising, or a proposed borrowing or raising, of money under subclause 77C(1). (3) A contract is taken to be entered into or dealt with for hedging purposes only if the contract is entered into or dealt with for the purpose of managing the risk of variations in the costs of a borrowing or raising, or a proposed borrowing or raising, of money under subclause 77C(1). (4) In this clause: > currency contract means: (a) a forward exchange rate contract; or (b) a contract with respect to currency futures. > futures contract means: (a) a deferred delivery contract; or (b) a contract with respect to financial futures; or (c) a contract with respect to commodity futures.