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    <title>Definitions</title>
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    <description>Bullion market terms define regulated exchanges, clearing corporations, depositories, vaults, trading and clearing members, participants, depositors and vault managers in an International Financial Services Centre. Bullion depository receipts are created by depositories, listed on exchanges and backed by underlying bullion. Netting determines net settlement obligations through set-off of claims, while novation makes the clearing corporation the legal counterparty to trades. Governance definitions address control, associates, public interest directors and key management personnel. Foreign jurisdictions must meet regulatory-cooperation and anti-money-laundering eligibility conditions.</description>
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