(1) A person disposes of a futures contract (other than a futures option or an eligible exchange-traded option) if, and only if, the person takes, or causes to be taken, such action as closes out the futures contract, whether or not the action is taken on another's behalf. (2) A person disposes of a futures option or an eligible exchange-traded option if, and only if, the person:

(a)

grants, assigns or exercises the option; or

(b)

takes, or causes to be taken, such action as releases the option; or

(c)

allows the option to lapse;