Question
Which is the intended meaning of long/short positions in the context of Article 273a(3)(b)?
Background on the question
The subparagraph refers to long/short derivative positions, but several interpretations of this concept can be considered. Different interpretations of the concept of long/short derivative positions can lead to relevant differences in the application of the Article: for example if long/short refers to the main risk factor, netting could be allowed between positions of the same directions but with positive/negative fair value, while if long/short is a synonym of positive/negative fair value no netting can be applied.