§ 761. Definitions for this subchapter
In this subchapter—
(4)
“commodity contract” means—
(A)
with respect to a futures commission merchant, contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a contract market or board of trade;
(D)
with respect to a clearing organization, contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a contract market or board of trade that is cleared by such clearing organization, or commodity option traded on, or subject to the rules of, a contract market or board of trade that is cleared by such clearing organization;
(F)
any other agreement or transaction that is similar to an agreement or transaction referred to in this paragraph;
(I)
a master agreement that provides for an agreement or transaction referred to in subparagraph (A), (B), (C), (D), (E), (F), (G), or (H), together with all supplements to such master agreement, without regard to whether the master agreement provides for an agreement or transaction that is not a commodity contract under this paragraph, except that the master agreement shall be considered to be a commodity contract under this paragraph only with respect to each agreement or transaction under the master agreement that is referred to in subparagraph (A), (B), (C), (D), (E), (F), (G), or (H); or
(J)
any security agreement or arrangement or other credit enhancement related to any agreement or transaction referred to in this paragraph, including any guarantee or reimbursement obligation by or to a commodity broker or financial participant in connection with any agreement or transaction referred to in this paragraph, but not to exceed the damages in connection with any such agreement or transaction, measured in accordance with section
562;
(5)
“commodity option” means agreement or transaction subject to regulation under section 4c(b) of the Act;
(6)
“commodity options dealer” means person that extends credit to, or that accepts cash, a security, or other property from, a customer of such person for the purchase or sale of an interest in a commodity option;
(8)
“contract of sale”, “commodity”, “derivatives clearing organization”, “future delivery”, “board of trade”, “registered entity”, and “futures commission merchant” have the meanings assigned to those terms in the Act;
(9)
“customer” means—
(A)
with respect to a futures commission merchant—
(i)
entity for or with whom such futures commission merchant deals and that holds a claim against such futures commission merchant on account of a commodity contract made, received, acquired, or held by or through such futures commission merchant in the ordinary course of such futures commission merchant’s business as a futures commission merchant from or for the commodity futures account of such entity; or
(ii)
entity that holds a claim against such futures commission merchant arising out of—
(I)
the making, liquidation, or change in the value of a commodity contract of a kind specified in clause (i) of this subparagraph;
(B)
with respect to a foreign futures commission merchant—
(i)
entity for or with whom such foreign futures commission merchant deals and that holds a claim against such foreign futures commission merchant on account of a commodity contract made, received, acquired, or held by or through such foreign futures commission merchant in the ordinary course of such foreign futures commission merchant’s business as a foreign futures commission merchant from or for the foreign futures account of such entity; or
(ii)
entity that holds a claim against such foreign futures commission merchant arising out of—
(I)
the making, liquidation, or change in value of a commodity contract of a kind specified in clause (i) of this subparagraph;
(C)
with respect to a leverage transaction merchant—
(i)
entity for or with whom such leverage transaction merchant deals and that holds a claim against such leverage transaction merchant on account of a commodity contract engaged in by or with such leverage transaction merchant in the ordinary course of such leverage transaction merchant’s business as a leverage transaction merchant from or for the leverage account of such entity; or
(ii)
entity that holds a claim against such leverage transaction merchant arising out of—
(I)
the making, liquidation, or change in value of a commodity contract of a kind specified in clause (i) of this subparagraph;
(D)
with respect to a clearing organization, clearing member of such clearing organization with whom such clearing organization deals and that holds a claim against such clearing organization on account of cash, a security, or other property received by such clearing organization to margin, guarantee, or secure a commodity contract in such clearing member’s proprietary account or customers’ account; or
(E)
with respect to a commodity options dealer—
(i)
entity for or with whom such commodity options dealer deals and that holds a claim on account of a commodity contract made, received, acquired, or held by or through such commodity options dealer in the ordinary course of such commodity options dealer’s business as a commodity options dealer from or for the commodity options account of such entity; or
(10)
“customer property” means cash, a security, or other property, or proceeds of such cash, security, or property, received, acquired, or held by or for the account of the debtor, from or for the account of a customer—
(A)
including—
(i)
property received, acquired, or held to margin, guarantee, secure, purchase, or sell a commodity contract;
(ii)
profits or contractual or other rights accruing to a customer as a result of a commodity contract;
(v)
warehouse receipt or other document held by the debtor evidencing ownership of or title to property to be delivered to fulfill a commodity contract from or for the account of a customer;
(vi)
cash, a security, or other property received by the debtor as payment for a commodity to be delivered to fulfill a commodity contract from or for the account of a customer;
(vii)
a security held as property of the debtor to the extent such security is necessary to meet a net equity claim based on a security of the same class and series of an issuer;
(11)
“foreign future” means contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a board of trade outside the United States;
(12)
“foreign futures commission merchant” means entity engaged in soliciting or accepting orders for the purchase or sale of a foreign future or that, in connection with such a solicitation or acceptance, accepts cash, a security, or other property, or extends credit to margin, guarantee, or secure any trade or contract that results from such a solicitation or acceptance;
(13)
“leverage transaction” means agreement that is subject to regulation under section 19 of the Commodity Exchange Act, and that is commonly known to the commodities trade as a margin account, margin contract, leverage account, or leverage contract;
(14)
“leverage transaction merchant” means person in the business of engaging in leverage transactions;
(15)
“margin payment” means payment or deposit of cash, a security, or other property, that is commonly known to the commodities trade as original margin, initial margin, maintenance margin, or variation margin, including mark-to-market payments, settlement payments, variation payments, daily settlement payments, and final settlement payments made as adjustments to settlement prices;
(16)
“member property” means customer property received, acquired, or held by or for the account of a debtor that is a clearing organization, from or for the proprietary account of a customer that is a clearing member of the debtor; and
(17)
“net equity” means, subject to such rules and regulations as the Commission promulgates under the Act, with respect to the aggregate of all of a customer’s accounts that such customer has in the same capacity—
(A)
the balance remaining in such customer’s accounts immediately after—
(B)
the value, as of the date of return under section
766 of this title, of any specifically identifiable customer property actually returned to such customer before the date specified in subparagraph (A) of this paragraph; plus
(C)
the value, as of the date of transfer, of—
(i)
any commodity contract to which such customer is entitled that is transferred to another person under section
766 of this title; and
(ii)
any cash, security, or other property of such customer transferred to such other person under section
766 of this title to margin or secure such transferred commodity contract.