Section 20 — What is minimum stockholding requirement or MSR

An entity that is subject to a minimum stockholding requirement in relation to an MSR product must —

(a)hold each day, at least the quantity of stocks of the MSR product designated for the entity for the day (called the daily MSR); and

(b)hold, for each relevant period, at least the average quantity of stocks of the MSR product designated for the entity for the relevant period (called the average MSR).