“income instrument” means –
(a) in the case of any person other than a company, any instrument –
(i) the term of which will, or is reasonably likely to, exceed one year; and
(ii) which is issued or acquired at a discount or premium or bears deferred interest; and
(b) in the case of any company, any instrument;
“intrinsic value”, in relation to a foreign currency option contract, means the value for the holder or writer thereof, as the case may be, determined by applying the difference between –
(a) the spot rate on translation date or the date on which the foreign currency option contract is realised, as the case may be; and
(b) the option strike rate,
to the amount of foreign currency as specified in such foreign currency option contract: Provided that such foreign currency option contract shall have a nil value for the holder or writer thereof if such holder thereof would have sustained a loss had he exercised his right in terms of such foreign currency option contract on such translation date or date realised due to the unfavourable difference between the option strike rate and the spot rate on such translation date or date realised;
“holder”, in relation to an income instrument –
(a) means any person who has become entitled to any interest or amount receivable in terms of such income instrument; or
(b) at any particular time, means any person who, if any interest payable in terms of such income instrument was due and payable at that time, would be entitled to receive payment of such interest;
“forward rate” means the specified exchange rate as referred to in the definition of “forward exchange contract”;
“fixed rate instrument” means an instrument in terms of which the amount or amounts payable or receivable is or are or consists of or consist of –
(a) a specified amount or specified amounts;
(b) an amount or amounts the method of calculation of which does not involve the application of a variable rate; or
(c) any combination of amounts referred to in paragraph (a) or (b);
“forward exchange contract” means any agreement in terms of which any person agrees with another person to exchange an amount of currency for another currency at some future date at a specified exchange rate;
“short selling” means the sale of any instrument by a person who is not the owner of such instrument, and in respect of which such person has the obligation to deliver such instrument at a future date;
“deferred interest” includes –
(a) any interest where such interest (or any portion thereof), calculated in respect of any accrual period falling within the term of any instrument by applying a constant interest rate throughout the term of such instrument, is not payable or receivable in terms of such instrument within one year from the date of the commencement of such accrual period; and
(b) any interest payable or receivable in terms ol any instrument where such interest is not calculated by applying a constant interest rate throughout the term of such instrument;
“resale agreement” means the provision of money (which money shall for the purposes of this section be deemed to have been so provided in the form of a loan) through the acquisition of an asset by any person from any other person subject to an agreement in terms of which such person undertakes to dispose of to such other person at a future date the asset so acquired or any other asset issued by the issuer of, and which has been so issued subject to the same conditions regarding term, interest rate and price as, the asset so acquired;
“date of redemption”, in relation to an instrument, means-
(a) where-
(i) the terms of that instrument specify a date on which all liability to pay all amounts in terms of that instrument will be discharged; and
(ii) the date so specified is not, in terms of the instrument, subject to change, whether as a result of any right, fixed or contingent, of the holder of that instrument or otherwise,
that date; or
(b) where-
(i) the terms of that instrument do not specify a date as contemplated in paragraph (a)(i); or
(ii) that date, if so specified, is subject to change as contemplated in paragraph (a)(ii),
the date on which, on a balance of probabilities, all liability to pay all amounts in terms of that instrument is likely to be discharged;