(c)futures and forwards contracts, including contracts (other than a commodities contract) for the purchase, sale or transfer of a commodity or property of any other description, service, right or interest for a specified price at a future date,

Futures contracts: A futures contract is an agreement to buy or sell a stated amount of a security, currency, commodity, index or other asset at a specific future date and at a pre-agreed price.

As regards standard long-term purchase contracts concluded by large consumers, it is clear that they are much more advantageous for the buyer than the PPAs are to MVM because the price, which is usually fixed for the whole duration of the contract, is normally not indexed on parameters such as fuel costs whose development over the duration of the contract is unpredictable, and is not designed in such a way as to cover fixed and capital costs, as it depends on price quotations on wholesale markets.

Since market players engage in forward contracts because they prefer price certainty to unknown spot prices in the future, forward prices also include a risk element.

While the existence of a positive sales price cannot be disputed as regards the original sales agreement of August 2007, according to which LBBW would have paid at least EUR 300 million plus an up-front cash payment for Sachsen LB, it is no longer the case after the December renegotiations, because the Free State of Saxony has provided a guarantee of EUR 2,75 billion and received in return [.] % of the sales price of EUR 328 million (EUR [.] million) in cash plus the revenues resulting from the potential provision (nominal value of EUR [ (> 90)] million) (29).

Interest‐rate futures, forward‐rate agreements (FRAs) and forward commitments to buy or sell debt instruments shall be treated as combinations of long and short positions.