Home FCA Handbook SSR SSR 2 SSR 2.14 Financial instruments to be considered in the calculation of long and short positions
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SSR 2.14 Financial instruments to be considered in the calculation of long and short positions

13/07/2026R

Transactions in the following financial instruments must be taken into account in the calculation of short positions further to SSR 2.8.1G(2)(b) and long positions further to SSR 2.8.1G(3)(b) irrespective of the means of trading used, including transactions executed through manual or automated trading whether on or outside a trading venue:

  1. (1) options;
  2. (2) covered warrants;
  3. (3) futures;
  4. (4) index-related instruments;
  5. (5) contracts for differences;
  6. (6) shares or units of ETFs;
  7. (7) swaps;
  8. (8) spread bets;
  9. (9) packaged retail or professional investment products;
  10. (10) complex derivatives;
  11. (11) certificates linked to shares;
  12. (12) global depositary receipts; and

  13. (13) American depositary receipts.

     

13/07/2026R

For the purpose of SSR 2.14.1R, it is irrelevant whether a cash settlement or physical delivery of underlying assets has been agreed.

13/07/2026R

In the case of convertible bonds: 

  1. (1) where a convertible bond converts into shares that are not yet issued, these must not be included in the long positions when calculating a net short position;
  2. (2) where a convertible bond converts into shares which have been issued, these must be included in the long positions when calculating a net short position; and

  3. (3) if a person does not know whether the convertible bond converts into shares which have been issued, the convertible bond must not be included in the long position when calculating a net short position.