### Question
How does COMMODITY EXCHANGES define hybrid instrument?


### Answer
Under *7 U.S.C. § 1a*, **hybrid instrument** is defined as:

> a security having one or more payments indexed to the value, level, or rate of, or providing for the delivery of, one or more commodities

#### Citation:
  - *7 U.S.C. § 1a*
  - Heading: **CHAPTER 1-COMMODITY EXCHANGES**

