(a) any pre-settlement Counterparty Exposure arising from any Derivative transaction or SFT outstanding with a central counterparty and which has not been rejected by that central counterparty, provided that the Exposure is fully collateralised on a daily basis;

(b) any Credit Risk Exposure arising from any Derivative transaction, SFT or spot transaction which an Authorised Person has outstanding with a central counterparty for which the latter acts as a custodian on the Authorised Person's behalf, provided that the Exposure is fully collateralised on a daily basis;

(c) any pre-settlement Counterparty Exposure arising from any Credit Derivative which an Authorised Person may recognise as eligible credit protection for a Non-Trading Book Exposure or another CCR Exposure; and

(d) any pre-settlement Counterparty Exposure arising from any sold credit default swap in the Non-Trading Book, where the credit default swap is treated as credit protection sold by the Authorised Person.