short sale

(in accordance with regulation 3(1) of the Short Selling Regulations 2025) in relation to a financial instrument, any sale of the financial instrument which the seller does not own at the time of entering into the agreement to sell, including such a sale where, at the time of entering into the agreement to sell, the seller has borrowed or agreed to borrow the instrument for delivery, but not including:

(a) a sale by either party under a repurchase agreement where one party has agreed to sell the other a security at a specified price with a commitment from the other party to sell the security back at a later date at another specified price;
(b) a transfer of securities under a securities lending agreement; or
(c) entry into a futures contract or other derivative contract where it is agreed to sell securities at a specified price at a future date.