exposure

      1. (1) (in relation to a firm but subject to (2) and (6) ) the maximum loss which the firm might suffer if:
        1. (a) a counterparty or a group of connected counterparties fail to meet their obligations; or
        1. (b) it realises assets or off-balance sheet positions
      1. (2) [deleted]
      1. (3) [deleted]
      1. (4) [deleted]
      1. (5) [deleted]
      1. (6) (in MIPRU) an asset or liability.
Glossary Legal Instruments