Paragraph 1
A society agrees with a participant (whether by a single agreement or by a series of agreements) that the society will at specified times:
pay to or receive from the participant a sum or sums of money where the amount, if any, to be paid or received is to be determined by reference to the extent to which specified rates of interest or specified prices differ as between the beginning and the end of specified periods or at a specified time or times, or at specified times fall outside a specified range of interest rates or prices; and, or,
transfer to the participant a holding or holdings of securities in return for a sum or sums of money where the amount, if any, to be paid is to be determined by reference to the extent to which specified rates of interest or specified prices differ as between the beginning and the end of specified periods or at a specified time or times, or at specified times fall outside a specified range of interest rates or prices.
In this paragraph, “securities”means securities issued by the government of any of the following: any member State of the European Community, Canada, Japan, Sweden, Switzerland and the United States of America.