### Question
How is the "financial contract" defined?


### Answer
The term **financial contract** is defined in *12 U.S.C. § 5341* as follows -

> a legally binding agreement between 2 or more counterparties, describing rights and obligations relating to the future delivery of items of intrinsic or extrinsic value among the counterparties

#### Citation:
  - *12 U.S.C. § 5341*
  - Heading: **CHAPTER 53-WALL STREET REFORM AND CONSUMER PROTECTION > SUBCHAPTER I-FINANCIAL STABILITY > Part B-Office of Financial Research**

