iBoxx Standardized TRS Indices

The terms and conditions of the iBoxx Standardized Total Return Swap indices incorporate by reference such credit and other terms as the parties may establish through pre-existing bilateral agreements. The iBoxx Standardized Total Return Swap indices have the following characteristics:

Contract Overview:	Each contract is a total return swap where the buyer is obliged to pay a predetermined set rate, fixed or variable, to the seller in exchange for the notional-based return performance of one of the Reference Indices listed below.
Reference Index:	Markit iBoxx EUR Corporates markit iBoxx EUR Liquid HY Markit iBoxx GBP Corporates Markit iBoxx USD Domestic Corporates Markit iBoxx USD Liquid HY
Trade Date:	The date on which the parties enter into the contract, which shall be prior to the Termination Date.
Effective Date:	The first day of the term of the contract, as agreed by the parties.
Quoting Convention and Minimum Increment:	Notional amount, as agreed by the parties.
Minimum Size:	Notional amount, as agreed by the parties.
Termination Date:	The date on which the contract expires, as agreed by the parties.
Tenor:	The duration of time from the Effective Date to the Termination Date.
Settlement Type:	Cash settlement.
Settlement Terms:	Buyer: The buyer pays (i) a fixed rate of interest plus a differential, as agreed by the parties and (ii) the depreciation of the Reference Index, as applicable. Seller: The seller pays (i) the income of the Reference Index and (ii) the appreciation of the Reference Index, as applicable.
Settlement Currency:	EUR, GBP or USD.
Trading Hours:	06:00-17:00 (ET), Sunday-Friday.
Speculative Limits:	None.
Reportable Levels:	None.