(1) An Authorised Person may net, by value, long and short positions in the same debt instrument in its Trading Book to generate the individual net position in that instrument.
(2) Instruments are considered to be the same for the purposes of (1) where:
(a) the Issuer is the same;
(b) the instruments have equivalent standing in liquidation; and
(c) the currency, coupon and maturity are the same.