Article 282 › 4

Underlying financial instruments other than debt instruments shall be assigned to the same hedging sets only if they are identical or similar instruments. In all other cases they shall be assigned to separate hedging sets. For the purposes of this paragraph institutions shall determine whether underlying instruments are similar in accordance with the following principles: (a) for equities, the underlying is similar if it is issued by the same issuer. An equity index shall be treated as a separate issuer; (b) for precious metals, the underlying is similar if it is the same metal. A precious metal index shall be treated as a separate precious metal; (c) for electric power, the underlying is similar if the delivery rights and obligations refer to the same peak or off-peak load time interval within any 24-hour interval; (d) for commodities, the underlying is similar if it is the same commodity. A commodity index shall be treated as a separate commodity.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04