"Financial Futures Transaction" means the purchase or sale of a financial futures contract.
"Forward Commitment" means a written commitment to make, purchase or issue mortgage loans or mortgage-related securities at a price and on or before a date specified in the commitment.
"Long Position" means the purchase of a financial futures contract to take delivery of a financial instrument.
"Mortgage-Related Securities" means securities based on and backed by mortgages, including mortgage-backed securities guaranteed by the Government National Mortgage Association (GNMA's), Mortgage Participation Certificates of the Federal Home Loan Mortgage Corporation, and similar obligations issued by a private issuer or in which the savings bank shall invest.
"Offset" means to cancel an obligation to make or take delivery of securities under a financial instrument under a financial futures contract. A futures contract to purchase a financial instrument is offset by a futures contract to sell a financial instrument of the same type for the same delivery month. A futures contract to sell a financial instrument is offset by a futures contract to purchase a financial instrument of the same type for the same delivery month.
"Short Position" means the holding of a financial futures contract to make delivery of a financial instrument.
Ill. Admin. Code tit. 38, § 1075.565
Amended at 30 Ill. Reg. 19068, effective December 1, 2006