EBU Single Rulebook Q&A 10 June 2025 2025_7479 Exclusion of back-to-back positions from RRAO

Under the provision of Art. 325u(4)(c) CRR, how should perfectly offsetting positions be treated in different constellations (concretely, the instruments comprising the two offsetting positions can have either a ‘one-to-one (1:1)’ relationship or a ‘many-to-many (m:n)’ relationship) in terms of excluding them from the own funds requirements for residual risks?