»a) de positioner i finansielle instrumenter, råvarer og råvarebaserede afledte instrumenter, som et institut indehaver for egen regning med henblik på videresalg, og/eller som instituttet tager for på kort sigt at få fordel af faktiske og/eller forventede forskelle mellem købs- og salgspriser eller af andre pris- og renteændringer, og positioner i finansielle instrumenter, råvarer og råvarebaserede afledte instrumenter, der skyldes matched principal broking, eller positioner, der tages for at afdække andre dele af handelsbeholdningen
'(a) its proprietary positions in financial instruments, commodities and commodity derivatives which are held for resale and/or which are taken on by the institution with the intention of benefiting in the short term from actual and/or expected differences between their buying and selling prices, or from other price or interest-rate variations, and positions in financial instruments, commodities and commodity derivatives, arising from matched principal broking, or positions taken in order to hedge other elements of the trading book;