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Section 8.4 (e) of the 2006 Definitions contains formulae which are deemed to apply to each Swap Transaction which is identified in the related Confirmation as an AUD or NZD:
AFMA is of the view that the effect of applying Section 8.4 (e) of the 2006 Definitions is equivalent to including the clause recommended in 2.1.4.60.3.3 "FRA Yield Discounting with 2000 Definitions" with respect to Transactions governed by the 2000 Definitions.
If participants do not want Section 8.4 (e) of the 2006 Definitions to apply, AFMA recommends that the following clause is inserted:
"FRA Yield Discounting. FRA Yield Discounting is not applicable to any Transaction."
Last Update Date 29 Jun 2011