The Financial Markets and Insolvency (Ecu Contracts) Regulations 1998

• Citation: S.I. 1998/27
• Sections: 2

Section 1

These Regulations may be cited as the Financial Markets and Insolvency (Ecu Contracts) Regulations 1998 and shall come into force on 2nd February 1998.

Section 2

In the Financial Markets and Insolvency (Money Market) Regulations 1995 regulation 2 shall be amended as follows:

(a) below the definition of “default rules” the following shall be inserted:

“ecu” means the unit of account of that name defined in Council Regulation ( EEC ) No. 3320/94 ;

(b) the defintion of “money market contract” shall be replaced by the following—

“money market contract” means a contract in relation to which a listed person provides settlement arrangements and which is a contract for the acquisition or disposal either of—

currency of the United Kingdom or of any other country or territory; or

rights under a contract the value of which is determined by reference to the value of the ecu;