Clause 3

by deleting the words “commodity futures market” wherever they appear in the definition of “business rules” and substituting in each case the words “commodity market”;

by deleting the definitions of “clearing house” and “commodity” and substituting the following definitions:“ “clearing house”, in relation to a commodity market, means a body corporate that ––

clears and settles commodity contracts; and

makes adjustments to the contractual obligations arising out of those commodity contracts;“commodity” means any produce, item, goods or article that is the subject of any ––

commodity forward contract;

leveraged commodity trading;

contract made pursuant to trading in differences; or

spot commodity trading,and includes an index, right or interest in such commodity, and such other index, right or interest of any nature as the Board may, by notification in the Gazette, prescribe to be a commodity; but does not include any produce, item, goods or article that is the subject of a commodity futures contract and any index, right or interest in such produce, item, goods or article;”;

by deleting the words “, but does not include a commodity futures broker” in the definition of “commodity broker”;

by deleting the words “, but does not include a commodity futures broker’s representative” in the definition of “commodity broker’s representative”;

by inserting, immediately after the words “with respect to a commodity” in paragraph (b) of the definition of “commodity contract”, the words “, not being a commodity futures contract”;

by deleting the definition of “commodity floor broker”;

by deleting the definitions of “commodity futures broker”, “commodity futures broker’s representative”, “commodity futures contract”, “Commodity Futures Exchange”, “commodity futures market”, “commodity futures option transaction”, “commodity futures pool operator”, “commodity futures pool operator’s representative”, “commodity futures trading adviser” and “commodity futures trading adviser’s representative” and substituting the following definition:“ “commodity futures contract” means ––

a contract the effect of which is that ––

one party agrees to deliver a specified commodity, or a specified quantity of a specified commodity, to another party at a specified future time and at a specified price payable at that time pursuant to the terms and conditions set out in the business rules of a futures market or pursuant to the business practices of a futures market; or

the parties will discharge their obligations under the contract by settling the difference between the value of a specified quantity of a specified commodity agreed at the time of the making of the contract and at a specified future time, such difference being determined in accordance with the business rules or practices of the futures market at which the contract is made; or

such other contract or class of contracts as the Board may prescribe,and includes a futures option transaction;”;

by deleting the comma at the end of paragraph (b) of the definition of “commodity market” and substituting a semi-colon;

by deleting the words “but does not include a Commodity Futures Exchange or a commodity futures market;” in the penultimate and last lines of the definition of “commodity market”;

by deleting paragraph (a) of the definition of “commodity pool operator”;

by deleting the words “, but does not include a commodity futures pool operator’s representative” in the definition of “commodity pool operator’s representative”;

by deleting the comma in the last line of the set out to paragraph (c) of the definition of “commodity trading adviser” and substituting a semi-colon;

by deleting the words “but does not include a commodity futures trading adviser;” in the penultimate and last lines of the definition of “commodity trading adviser”;

by deleting the comma at the end of paragraph (b) of the definition of “commodity trading adviser’s representative” and substituting a semi-colon;

by deleting the words “but does not include a commodity futures trading adviser’s representative;” in the penultimate and last lines of the definition of “commodity trading adviser’s representative”;

by deleting the definition of “customer” and substituting the following definition:“ “customer” means a person on whose account a commodity broker carries on trading in commodity contracts;”;

by inserting, immediately after the definition of “financial year”, the following definition:“ “futures market” and “futures option transaction” have the meanings given to those expressions in the Securities and Futures Act (Cap. 289);”;

by deleting the words “a contract or an arrangement that is made on a Commodity Futures Exchange” in paragraph (a) of the definition of “leveraged commodity trading” and substituting the words “a commodity futures contract”;

by deleting the words “Commodity Futures Exchange” wherever they appear in the definition of “member” and substituting in each case the words “commodity market”;

by deleting the words “or commodity futures broker” in the definition of “spot commodity broker”;

by deleting the words “or commodity futures broker’s representative” in the penultimate and last lines of the definition of “spot commodity broker’s representative”;

by deleting the words “or commodity futures pool operator” in the penultimate and last lines of the definition of “spot commodity pool operator”;

by deleting the words “or commodity futures pool operator’s representative” in the definition of “spot commodity pool operator’s representative”;

by deleting the semi-colon at the end of the definition of “spot commodity trading” and substituting a full-stop; and

by deleting the definition of “trading in commodity futures contracts”.