- customer-driven (i.e., for a customer's valid and independent business purpose; such transactions do not include those entered into by a national bank for the purpose of speculating in derivative, currency, commodity, or security prices); - - perfectly matched (i.e., two back-to-back derivative transactions that offset risk with respect to all economic terms (e.g., amount, maturity, duration, and underlying), but a difference in price between two derivatives that reflects a bank's spread is allowed); or - portfolio-hedged (i.e., hedged based on net unmatched positions or exposures in the portfolio). Note: Relative to prior OCC interpretations, the final rule makes fewer distinctions based on the particular underlying or how the national bank hedges its derivatives financial intermediation activity. While prior interpretations typically analyzed both the underlying and the bank's method for hedging the customer-driven derivative (i.e., perfectly matched versus portfolio-hedged), the activities rule permits customer-driven, cash-settled derivatives transactions on any underlying, whether perfectly matched or portfolio-hedged.