Qualifying liquid resources
Qualifying liquid resources means, for any covered clearing agency, the following, in each relevant currency:
(i) Cash held either at the central bank of issue or at creditworthy commercial banks;
(ii) Assets that are readily available and convertible into cash through prearranged funding arrangements, such as:
(A) Committed arrangements without material adverse change provisions, including:
(1) Lines of credit;
(2) Foreign exchange swaps; and
(3) Repurchase agreements; or
(B) Other prearranged funding arrangements determined to be highly reliable even in extreme but plausible market conditions by the board of directors of the covered clearing agency following a review conducted for this purpose not less than annually; and
(iii) Other assets that are readily available and eligible for pledging to (or conducting other appropriate forms of transactions with) a relevant central bank, if the covered clearing agency has access to routine credit at such central bank in a jurisdiction that permits said pledges or other transactions by the covered clearing agency.