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Every strip of a government security is a DDS¹.

A government security may be 'stripped', which involves the separation of the security from coupons for future interest payments; a market exists on which the strips can be traded. At a subsequent time it is possible for the remaining strips to be consolidated into the original security.

A government security is a security issued²:

1. Ìý

   •ÌýÌýÌýÌý after 26 March 2003 by or on behalf of the government of any territory, or

2. Ìý

   •ÌýÌýÌýÌý before 27 March 2003 under the National Loans Act 1968

'A strip', in relation to the underlying security, means a security:

1. Ìý

   •ÌýÌýÌýÌý representing the right to one or more payments of interest or principal remaining to be made under the underlying security

2. Ìý

   •ÌýÌýÌýÌý issued in conjunction with other securities which together represent the right to every remaining payment under the underlying security, and

3. Ìý

   •ÌýÌýÌýÌý which is not itself a security representing a part of every remaining payment³

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