securities or commodities borrowing
as defined in Directive 2006/49/EC of the European Parliament and of the Council of 14 June…, Article 3(1), point (n)
any transaction in which an institution or its counterparty transfers securities or commodities against appropriate collateral, subject to a commitment that the borrower will return equivalent securities or commodities at some future date or when requested to do so by the transferor, that transaction being securities or commodities lending for the institution transferring the securities or commodities and being securities or commodities borrowing for the institution to which they are transferred;