Portfolio Compression Clause Samples
Portfolio Compression. 9.1 ODPs are required to perform portfolio compression, whether bilateral or multilateral portfolio compression, at least twice annually where appropriate and technologically possible. Where a portfolio compression is deemed appropriate, the Company has procedures designed to ensure that it -(a) regularly, but at least twice a year, analyze the possibility of conducting a bilateral or multilateral portfolio compression exercise, where appropriate and technologically possible, in respect of 500 or more non-centrally cleared open OTC derivative transactions with other providers; and (b) terminates fully offsetting non-centrally cleared open OTC derivative transactions with its counterparties and clients.
9.2 The Company will maintain a complete and accurate record of each bilateral offset and each bilateral or multilateral portfolio compression exercise in which it participates. The Company will also ensure that it is able to provide a reasonable and valid explanation to the FSCA for concluding that a portfolio compression exercise is not appropriate.
Portfolio Compression. For purposes of this subsection 9, the term “Swap” shall not include any Swap that is cleared by a DCO. At any time after the Portfolio Compression Compliance Date (as defined below), Party B can request Party A to engage in portfolio compression exercises with respect to substantially similar Swaps outstanding under this Agreement in accordance with CFTC Regulation 23.503(b). “Portfolio Compression Compliance Date” shall mean the date on which Party A reasonably determines (taking into consideration the scope of application of CFTC Regulation 23.503, applicable CFTC interpretations and other applicable CFTC Regulations) compliance with this subsection 9 is required with respect to Party B under CFTC Regulation 23.503.
Portfolio Compression. The parties agree to regularly, and at least twice a year, assess the need to engage in a portfolio compression exercise within the meaning of Article 14 of Regulation No 149/2013. The details regarding the procedures to be implemented with a view to effecting a portfolio compression shall be agreed upon in a separate agreement.
Portfolio Compression. 6.1 Where we have 500 or more Uncleared OTC Derivatives outstanding between you and us you agree to regularly, and at least every six months, analyse the possibility to conduct a portfolio compression exercise. Where such exercise takes place this will be subject to separate agreement between us which shall cover, inter alia, when the compression exercise takes place and becomes legally binding.
Portfolio Compression. The parties acknowledge that should they have 500 or more OTC derivative contracts outstanding with each other which are not centrally cleared (the “Compression Threshold”) they may be required by EMIR to have in place procedures to analyse regularly, and at least twice a year, the possibility to conduct a portfolio compression exercise in order to reduce their counterparty credit risk and engage in such a portfolio compression exercise.
Portfolio Compression. (a) We shall put in place procedures to monitor the number of Transactions entered into by you with each of your counterparties.
(b) You shall, to the extent required of you pursuant to EMIR, consider on a regular basis (and at least twice per year) whether it is appropriate to conduct a portfolio compression exercise.
(c) If you think this appropriate you shall effect or procure to be effected such portfolio compression exercise.
(d) If you consider this is not appropriate you shall document a reasonable and valid explanation which you may make available to the relevant competent authority.