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Hybrid Instrument Rules
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Regulations adopted by the Commodity Futures Trading Commission (CFTC) exempting certain instruments that have some characteristics of a security and some characteristics of a future from regulation by the Commission under the Commodities Exchange Act. The most important common thread in these rules is that the commodity- or futures-linked value must be less than 50% of the value of the hybrid instrument. See Synthetic Convertible Debt (2).
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