Mar 3 2010 onwards
(1) Assets which are readily marketable are included in the Maturity Ladder in the sight-8 days time band, generally at a discount to their recorded value calculated in accordance with (4).
(2) An asset is regarded as readily marketable if:
(A) prices are regularly quoted for the asset;
(B) the asset is regularly traded;
(C) the asset may readily be sold, including by repurchase agreement, either on an exchange, or in a deep and liquid market for payment in cash; and
(D) settlement is according to a prescribed timetable rather than a negotiated timetable.
(3) The Regulatory Authority may allow, on a case by case basis, an Authorised Firm to include a longer term asset which is relatively easy to liquidate in the sight-8 days time band.
(4) The discount factor to be applied to types of marketable assets must be determined by reference to the following table:
| Benchmark discount | |
| Central government debt, Local Authority paper and eligible bank bills (Qatar and zone 1 countries) | |
| Central government and central government-guaranteed marketable Securities with twelve or fewer months Residual Maturity, including treasury bills; and eligible Local Authority paper and eligible bank bills. | 0% |
| Other central government, central government-guaranteed and Local Authority marketable debt with five or fewer years Residual Maturity or at variable rates. | 5% |
| Other central government, central government-guaranteed and Local Authority marketable debt with over five years Residual Maturity. | 10% |
| Other Securities denominated in freely tradable currencies (Qatar and zone 1 countries) | |
| Non-government debt Securities which are Investment Grade, and which have six or fewer months Residual Maturity. | 5% |
| Non-government debt Securities which are Investment Grade, and which have five or fewer years Residual Maturity. | 10% |
| Non-government debt Securities which are Investment Grade, and which have more than five years Residual Maturity. | 15% |
| Equities which qualify for a Specific Risk weight no higher than 4%. | 20% |
| Other central government debt | |
| Central government debt, Local Authority paper and eligible bank bills (Qatar and zone 1 countries) | |
| Where such debt is actively traded. | 20% |
| Exposures to a central government or a central bank where such Exposures are actively traded | 20% |
| Where the Issuer is a central government or a central bank and the issue is actively traded but the credit Exposure is not to the Issuer | 40% |
| Non-government, actively-traded Exposures, which are Investment Grade | 60% |
(5) The Regulatory Authority may vary the discounts to reflect the conditions of a particular market or institution.
| Amended by QFCRA RM01/2010 (as from 3rd March 2010). |
